The NZDUSD opens at 0.6606 (mid-rate) this morning.
The AUD along with the GBP are the weakest performing of the G10 currencies with the AUD selling off after NAB reported
its Business Confidence index plummeted back to 2 in June after rising to 7 in the month of May. The disappointing
result shows optimism, which came on the back of the election result and expectations that the RBA were about to cut
rates was short-lived.
This morning’s consumer sentiment report has the capability of adding to the current downward pressure on the AUD with
economists expecting the recent slide in household sentiment to have continued.
The weakness in the pound comes after Britain’s expected new Prime Minister, Boris Johnson reaffirmed his commitment to
leaving the EU in October, with or without a deal.
Global equity markets continue to soften ahead of Federal Reserve Chairman Jerome Powell’s Congressional testimony in
the early hours of tomorrow morning. Powell’s speech on monetary policy and the US economy will be scrutinised for clues
about the outlook for interest rates, with the Fed’s monetary policy minutes from their last meeting due for release
shortly after.
Global equity markets are a little softer, - Dow -0.23%, S 500 -0.10%, FTSE -0.17%, DAX -0.85%, CAC -0.30%, Nikkei +0.14%, Shanghai -0.18%.
Gold prices are little changed, trading at $1,398 an ounce. WTI Crude Oil prices have traded sideways over the past 24hrs, and opens up this morning at $57.89 a barrel.