Market Overview
Key Points:
• Markets eye a break above key 0.5900 levels in the NZD/USD cross for further upside moves.
• The USD/JPY has traded to a 32 year high this morning reaching 151.90.
• The Bank of England is forecasting a two-quarter recession starting in the fourth quarter this year, next week’s job’s data due next week should give us more clues.
• The New Zealand Services sector in NZ has fallen into contraction in October with predictions that third quarter GDP could fall sharply.
• ECB’s Lagarde says she won’t cut rates in the next two quarters as their 2% target inflation would be difficult to achieve otherwise.
• The US Dollar (USD) has been the strongest currency over the past week while the Australian Dollar (AUD) has been the worst performer.