NZDUSD 0.6347 -0.4%
NZDEUR 0.5766 0.3%
NZDGBP 0.5107 0.0%
NZDJPY 68.58 0.1%
NZDAUD 0.9241 -0.3%
NZDCAD 0.8405 -0.1%
GBPNZD 1.9581 0.0%
Saturday’s attacks on Saudi Arabian oil refining facilities have dominated markets with safe-haven currencies along with
oil-producing countries gaining in support.
Crude oil prices spiked almost 20% during yesterday’s trading session posting its largest intraday gain since the Gulf
War in 1991. Reports that Saudi Arabia will today restore at least a third of the production lost to weekend attacks on
two major oil facilities have seen prices come back but are still up circa 14% on the day.
Despite Yemen’s Iran-aligned Houthi group claiming responsibility for the attacks the US are blaming the attacks on
Risk-appetite decreased and equity markets are in the red after President Trump tweeted Saudi Arabia oil supply was
attacked. There is reason to believe that we know the culprit, and are” locked and loaded” depending on verification.
In economic news China’s National Bureau of Statistics reported China's industrial production grew at the slowest pace
in 17 1/2 years with the data showing production increased by 4.4% y/y in August. The 4.4% increase follows on from a
4.8% rise in July but fell well short of its forecast 5.2% reading.
This morning the New York Fed reported its general business conditions index slipped to 2.0 in September down from 4.8
in August and shy of its expected 4.0 result. The results showed new orders fell to 3.5 in September from 6.7 in August,
while the shipments index slid to 5.8 from 9.3, hitting its lowest level in nearly three years.
The British pound has given back some of its recent gains after a spokesperson for the European Commission revealed that
the UK has not yet come forward with a solution to the backstop and that discussions ‘needed to intensify’ and meetings
“would soon take place on a daily basis” with the 31st Oct deadline fast approaching.
Global equity markets are on the back foot, - Dow -0.47%, S 500 -0.32%, FTSE -0.63%, DAX -0.71%, CAC -0.94%, Nikkei Closed%, Shanghai -0.02%.
Gold prices are marginally higher, up 0.8% trading at $1,500 an ounce. WTI Crude Oil prices are up circa 14% to $62.35 a