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US-China Trade Optimism Saw Risk Appetite Pick up Going into Friday's Close
17 novembre 2019 — 2 min read
The AUDUSD opens at 0.6815 (mid-rate) and the NZDUSD opens at 0.6405 (mid-rate) this morning.
Renewed optimism about a US-China trade deal following comments from White House economic adviser Larry Kudlow saw risk appetite pick up going into Friday’s close.
Kudlow said the talks have been very constructive and that they are "getting close" to agreeing phase one of the trade deal. "It's not done yet, but there has been very good progress and the talks have been very constructive," Kudlow said.
Global equity markets pushed higher on the comments with the Dow, Nasdaq and S&P all posting new record highs.
The USD slipped lower on Friday on the back of disappointing economic data, with core retail sales, industrial production and regional manufacturing activity all coming in shy of expectations.
The main focus for investors over the course of the week will be the Fed's monetary policy minutes along with European and US PMI’s. Locally, the RBA's monetary policy minutes and another rise in NZ dairy prices will be the main drivers over the course of the week.
Global equity markets closed higher on Friday - Dow +0.80%, S&P 500 +0.76%, FTSE +0.14%, DAX +0.47%, CAC +0.65%, Nikkei +0.70%, Shanghai -0.64%.
Gold prices edged lower on Friday closing out the week at $1,467 an ounce. WTI Crude Oil prices rallied 1.5% on Friday closing out the week at $57.83 a barrel.
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