INDEPENDENT NEWS

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.

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