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The NZDUSD opens at 0.6871 (mid-rate) this morning

Equity markets have continued to sell-off as the potential for a long-term trade agreement between the US and China lessened after Canadian officials arrested Huawei CFO Meng Wanzhou on suspicion of violating US trade sanctions against Iran. China has demanded the immediate release of Mr Wanzhou who is facing possible extradition to the US.

Overnight the US ADP employment data came in below expectations for the month of November. The report showed private sector employment increased by 179k jobs in November following on from a downwardly revised 225k jobs increase in October. Economists had forecast an additional 195k jobs in November following the previously reported 227k increase in October.

Oil prices tumbled after the Saudi energy minister has cast doubt on the prospect of Opec announcing a cut in output after admitting he was “not confident” a deal would be reached. Market expectation going into the meeting was that Opec would agree to cut production by up to 1.5m barrels a day, but members are weary of angering Donal Trump who on Wednesday stated he wanted oil to "keep flowing" in order to cap oil prices.

Global equity markets are sharply lower , Dow -2.01%, S&P 500 -1.75%, FTSE -3.15%, DAX -3.48%, CAC -3.32%, Nikkei -1.91%, Shanghai -1.68%.

Gold prices are marginally higher, up 0.2% trading at $1,240 an ounce. WTI Crude Oil prices have plummeted, currently down 4.3% trading at $51.26 a barrel.

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