MARKET UPDATE 21-Jun-18

New Zealand’s economic growth slowed further in the first quarter as expected. Their GDP expanded 0.5 percent suggesting that NZ’s economy may be in for a soft patch as a cooling housing market and weak business sentiment cloud the outlook.

As an annual measure, New Zealand’s economy grew 2.7% in the year to March.

Meanwhile, leaders of the world’s top central banks had cautioned that escalating trade tension could reflect through financial markets and hurt the world economy.

The heads of the US Federal Reserve, the European Central Bank, the Bank of Japan and the Reserve Bank of Australia all took a gloomy view on the escalating conflict, arguing that the consequences are already evident.

Later tonight, the Bank of England would announce their interest rate decision followed by a full account of their policy discussion. Although no change is expected to the interest rate, it would be interesting to see how the outlook is.

FX Rates 21.06.18

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