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Morning Update 30 May 2018: NZDUSD opens at 0.6895

The NZDUSD opens at 0.6895 (mid-rate) this morning.

Risk on the back of geopolitical uncertainty has led to a sharp fall in both equities and risk linked currencies.

As the UK and US markets opened for the first time this week, reaction to the political turmoil in Italy and to a lesser extent Spain was both swift and severe with global equity markets opening sharply lower as investors flocked to safe havens.

The 10-year US Treasury yield is trading at 2.797% down close to 30 basis points from last week’s high of 3.08%. at the same time Italy’s 2-year yield which earlier this month traded at negative 33 basis points spiked to 2.82%, its highest level since 2012.

The EUR continues to fall against all its counterparts with news that Spanish Prime Minister Mariano Rajoy is facing a vote of confidence on Friday adding further downward pressure on the currency.

Earlier this morning the US consumer confidence report for the month of May increased, recording a reading of 128.0 up from 125.6 in April and just shy of the forecast 128.6 reading.

This morning’s publication of the of the RBNZ’s financial stability report, followed by a speech from RBNZ Gov Adrian Orr will be the key drivers for the NZD today.

Global equity are a sea of red- Dow -1.89%, S&P 500 -1.50%, FTSE -1.26%, DAX -1.53%, CAC -1.29%, Nikkei -0.55%, Shanghai -0.47%.

Gold prices have pushed higher, up 0.5% trading at $1,303 an ounce. WTI Crude Oil prices are holding steady at $66.45 a barrel.

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