XE Morning Update

Published: Fri 22 Nov 2019 08:47 AM
The Kiwi opens up flat at 0.6404
The big mover (relatively) overnight was actually the Canadian Dollar. The BOC’s Poloz came out saying he thought monetary conditions were “about right”. Historically he is pretty perpetually dovish, so “about right” is seen as a change in tune, and a positive for the CAD. Oil prices breaking to two month highs didn’t hurt either.
To me, I think the BOC is symptomatic of where the market and other central banks are at with rates right now. It feels like for now at least a relative equilibrium has been reached, and we are in a bit of a holding pattern. No one is raising rates, and it definitely seems the path of least resistance is to stand pat.
Overnight we have a slew of UK and European Flash Manufacturing and services data. While generally expected to come in over 50, which indicates expansion, there has been a downward trend of late, and I would think the risk of a negative shock is actually quite high.
Global equity markets are down across the board, - Dow -0.02%, S 500 -0.06%, FTSE -0.33%, DAX -0.16%, CAC -0.22%, Nikkei -0.48%, Shanghai -0.25%
Gold prices are off a touch to $1,465 an ounce. WTI Crude Oil prices have continued their recent run up 1.8% to $58.30 a barrel.

Next in Business, Science, and Tech

Snail's pace: Aucklanders face frustrating commute over Harbour Bridge
COVID-19 Sees Record 12.2 Percent Fall In New Zealand’s Economy
By: Statistics New Zealand
Scientists Release ‘Blueprint’ To Save Critical Ecosystems And Stabilize The Earth’s Climate
By: Joint Press Release
Independent Review Launched Into Assurances For Safe Transport Of Livestock By Sea
By: Ministry For Primary Industries
New Zealand PC Market Grows Nearly 40% Due To Work From Home Demand
By: IDC New Zealand Ltd
Public Transport Distancing Requirements Relaxed
By: Ministry of Health
New Zealand Hemp Industry Set To Generate $2 Billion Per Annum And Create 20,000 Jobs
By: New Zealand Hemp Industries Association Inc
One In 14 Employed People Report High Risk Of Losing Jobs
By: Statistics New Zealand
ASB Quarterly Economic Forecast Shows NZ Economy Doing Better Than Expected, But Challenges Remain
Live Export Ship Carrying 5,800 New Zealand Cows Goes Missing In East China Sea
FMA Releases Report Into Active And Passive Fund Management
By: Financial Markets Authority
Engineers Assess Damage To Auckland Harbour Bridge After Truck Strike
By: NZ Transport Agency
Motorists Urged To Avoid Damaged Auckland Harbour Bridge
By: NZ Transport Agency
Harbour Bridge: Public Transport A Great Option And Plan Ahead
By: Auckland Transport
Second Harbour Crossing Needed Now, More Than Ever
By: New Zealand National Party
View as: DESKTOP | MOBILE © Scoop Media