INDEPENDENT NEWS

XE Morning Update - October 14, 2019

Published: Mon 14 Oct 2019 09:23 AM
NZDUSD 0.6330 0.1%
NZDEUR 0.5737 -0.1%
NZDGBP 0.5008 -1.5%
NZDJPY 68.56 0.5%
NZDAUD 0.9328 -0.2%
NZDCAD 0.8358 -0.5%
GBPNZD 1.9925 1.3%
Deal headlines dominated late Friday, coming out of both the US and the UK. Trump has announced a “Phase one” trade deal. It’s a relatively limited deal where China will buy agricultural goods and the US will delay tariffs. Over the next 5 weeks they will finalise this limited agreement. While maybe not the sweeping deal Trump has talked up, it is definitely a step in the right direction, and is a de-escalation in tensions.
Not to be outdone the UK also has positive news, with the Pound having another strong day. In fact, the Pound has had the largest 2 day rally in a decade. What started us off was a poll showing Boris would win a snap election if held now. This is seen to pressure the EU to getting something done sooner, so as not to have a delay, then Boris come back with a stronger Parliament. A potential breakthrough from the Irish border deadlock is to have customs checks on the Irish sea, and therefore keep Ireland itself free of a border. This is starting to look the most palatable solution, and there finally looks to be light at the end of the tunnel.
What also makes today interesting is that the States are off for Columbus day. Generally this can mean a quiet day, but with all the trade headlines out, liquidity is low, so the market can move faster and further than usual.
Global equity markets were higher across the board- Dow +1.21%, S 500 +1.09%, FTSE +0.84%, DAX +2.86%, CAC +1.73%, Nikkei +1.15%, Shanghai +0.88%.
Gold prices dropped -0.9% to USD$1,488 an ounce. WTI Crude Oil prices are up 2.1% to US$54.7 per barrel
ends

Next in Business, Science, and Tech

General Practices Begin Issuing Clause 14 Notices In Relation To The NZNO Primary Practice Pay Equity Claim
By: Genpro
Global Screen Industry Unites For Streaming Platform Regulation And Intellectual Property Protections
By: SPADA
View as: DESKTOP | MOBILE © Scoop Media