INDEPENDENT NEWS

XE Morning Update - September 10, 2019

Published: Tue 10 Sep 2019 08:26 AM
The NZDUSD opens at 0.6425 (mid-rate) this morning.
The British Pound is the best performing of the G10 currencies, pushing higher on the back of stronger than forecast GDP data and increased optimism the UK will not leave the EU without a deal.
Data from the UK Office for National Statistics revealed gross domestic product expanded 0.3% in July following on from a flat result in June. The result was largely driven by a rebound in services and construction which increased by 0.3% and 0.5% respectively. Economists had expected GDP to inch up by 0.1%.
Earlier this morning Boris Johnson's government suffered another Commons defeat and will be forced to publish its no-deal planning documents. The emergency motion - passed by 311 to 302 votes means Mr Johnson has to surrender the documents by Wednesday.
Yield on the US ten-year note rose sharply this morning, climbing 7.2 basis points to 1.622%, the move higher followed gains in the European bond market as investors positioned their books for less-aggressive action from action from the ECB on Thursday. Overnight data showed Germany's exports unexpectedly increased in July, while imports decreased from June’s reading. Exports increased by 0.7% m/m in July reversing a 0.1% fall in June. Imports fell 1.5% in July after rising 0.7% in June.
The main drivers during our trading day will be Australia’s NAB business confidence report along with China’s CPI and PPI data releases.
Global equity markets have had a mixed start to the week, - Dow +0.05%, S 500 -0.18%, FTSE -0.64%, DAX +0.28%, CAC -0.27%, Nikkei +0.56%, Shanghai +0.84%.
Gold prices edged down 0.3% overnight currently trading at $1,502 an ounce. WTI Crude Oil prices are pushing higher, up 2.2% to $57.69 a barrel.
ends

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