XE Morning Update - October 9, 2019

NZDUSD 0.6299 0.1%
NZDEUR 0.5748 0.3%
NZDGBP 0.5155 0.8%
NZDJPY 67.52 0.0%
NZDAUD 0.9355 0.1%
NZDCAD 0.8392 0.2%
GBPNZD 1.9399 -0.8%

The NZDUSD opens at 0.6299 (mid-rate) this morning.

The NZD strengthened yesterday afternoon after the NZ government’s financial accounts revealed an operating surplus of $7.5B in the fiscal year to June 2019. The operating surplus was far greater than the Treasury's $4.0B forecast. The result has seen the NZD shrug off waning optimism about this week’s US-China trade talks.

News overnight that Chinese Vice Premier Liu will not carry the title of "special envoy" for President Xi Jinping indicating that Liu is not under instructions from China’ leader has dampened hopes of any progress in the talks. Meanwhile reports that the US is about to expand its trade blacklist to include some of China's top artificial intelligence firms have seen US equity markets sell-off.

Fresh fears of a no-deal Brexit following a call between Boris Johnson and German Chancellor in which Angela Merkel, told the Johnson that “the UK cannot leave without leaving Northern Ireland behind in a customs union and in full alignment for ever” has seen the GBP underperform.

Global equity markets are mixed, - Dow -0.55%, S&P 500 -0.83%, FTSE -0.76%, DAX -1.05%, CAC -1.18%, Nikkei +0.99%, Shanghai +0.29%

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