Oil prices tumbled lower, once again overnight, easing inflationary pressures and global bond yields. Oil prices fell below US$90/barrel, easing pressure on bond markets and allowing equities to book further gains. The tech-heavy NASDAQ hit new, all-time, record highs. It appears volumes of oil, from the Middle East, are increasing and easing supply constraints. This allowed the US Dollar to ease and the EUR to regain 1.1250, while the GBP jumped above 1.3250.The softer reserve allowed some recovery in commodity currencies, with the NZD consolidating above 0.5600, while the AUD pushes back towards the important 0.7000. NZ Business Confidence surged, for the second quarter, in the lead up to the looming National election.
