INDEPENDENT NEWS

XE Morning Update

Published: Thu 25 Jul 2019 09:13 AM
NZDUSD 0.6705 0.0%
NZDEUR 0.6022 0.2%
NZDGBP 0.5371 -0.3%
NZDJPY 72.55 0.0%
NZDAUD 0.9612 0.4%
NZDCAD 0.8817 0.1%
GBPNZD 1.8616 0.2%
The Kiwi opens up at 0.6705, the exact same as yesterday. NZ’s Trade Balance came in higher than expected, which on the face of it is positive. However practically both Imports and Exports fell, only imports fell more, so when you read into it, it is hardly as positive as it sounds.
Out of the UK, Boris Johnson has been confirmed as Prime Minister. While this doesn’t on the face of it drastically change the Brexit math, it certainly livens things back up. Since the market has known Teresa May was on the way out, Brexit has taken a back seat somewhat, while the UK waited on a new leader. Now he has been confirmed in, the thinking is he is more willing to gamble on a no deal Brexit, and he has said they are going to “Come out of the EU on October 31 no ifs or buts”. I would hate to remind you though that Teresa May also promised no extensions… Given all that, I think the general thought is that Boris will be a little more Trump-esque in his negotiation style, so we can expect a lot of brinkmanship, and more volatility out of the Pound.
Overnight we have the ECB with its Main Refencing Rate decision. These are generally quite predicable, (Hold with dovish comments). However this time the chance of a cut is actually running at 39%. This would be pretty big news if they did cut, and even a hold should now see the EUR strengthen.
Global equity markets have turned positive, Dow -0.35%, S 500 +0.42%, FTSE -0.73%, DAX +0.26%, CAC -0.22%, Nikkei +0.41%, Shanghai +0.80%.
Gold prices are up a touch at $1,424 an ounce. WTI Crude Oil prices are off, down 1.6%, trading at $55.83 a barrel.
ends

Next in Business, Science, and Tech

RBNZ To Implement $30bn Large Scale Asset Purchase Programme Of NZ Govt Bonds
By: The Reserve Bank of New Zealand
Monetary Policy With Very Low Interest Rates
By: The Reserve Bank of New Zealand
More Snow On Glaciers But No Good News, Say Scientists
By: NIWA
Elevate NZ Venture Fund To Lift Productivity
By: New Zealand Government
New Legislation To Boost Organics
By: New Zealand Government
Misinformation Circulating On Biodiversity Policy
By: Forest And Bird
Govt Backs RBNZ Move To Support Economy With Lower Interest Rates
By: New Zealand Government
Reserve Bank announces further measures to support economy
By: RNZ
Holding Off The COVID-19 Recession – Expert Reaction
By: Science Media Centre
Banking Sector Prepared For Responding To COVID-19
By: The Reserve Bank of New Zealand
Reserve Bank’s ‘unconventional Tools’ Are Conventional Elsewhere
By: Social Credit
RBNZ Survey: Experts Say An Out-of-cycle Rate Cut May Cause Panic
By: Finder
Next Steps Of Govt And Business COVID-19 Response
By: New Zealand Government
NZX falls following US interest rate cut
By: RNZ
Coronavirus and the economy: Responding to Covid-19 with precision
By: RNZ
View as: DESKTOP | MOBILEWe're in BETA! Send Feedback © Scoop Media