The markets closed yesterday with the US Crude Oil Inventories beating expectations at 2.2M. Although not market moving for the Dollar, this was another piece of positive news from the US this week. In New Zealand, the Central Bank announced they were not in the position to raise rates and kept them at the anticipated 1..75%. Off the back of this the Kiwi rallied.
Today’s economic docket is also very quiet with the only notable high tier data coming out of the US, with their Unemployment Claims release expected at 232K.
It is now a year on since Donald Trump shocked the world and won the presidential election becoming the 45th president of the United States. It was expected that Trump’s presidency would have an extreme impact on the markets. His unpredictable behaviour and strong opinion on immigration being the source of market anxiety. However, although most of promised bills are yet to materialise, the US economy is currently in a stable condition. Trump steps into his second year of presidency whilst touring Asia and dealing with rising tensions with North Korea.