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The NZD opens down at 0.6820

NZDUSD 0.6820 -0.5%
NZDEUR 0.6034 -0.2%
NZDGBP 0.5158 -0.3%
NZDJPY 76.18 0.1%
NZDAUD 0.9655 -0.1%
NZDCAD 0.9089 -0.3%
GBPNZD 1.9383 0.3%

Big news this morning was the vote out of the UK to kick the Brexit can down the road from March the 29th the road to June 30th. This was passed by 412 votes to 202, so quite comfortable. This still needs to be ratified by the EU, and agreed upon by all 27 member states. They have said that they want some chance of meaningful change before accepting the extension. The worry is if it is extended beyond June, then it could well be a few more years, for both UK and EU elections before any Brexit. I am not sure who has the desire for that, but it is almost appearing as the path of least resistance.

The Kiwi has been pretty quiet of late, ranging only about 2.5% in the past 8 weeks. Be careful not to get complacent though, as what often happens after periods of consolidation, is that when the currency finally moves, it can move quite sharply.

Press conference out of Japan later today rounds off the week, before a slew of data next week. Thursday is shaping up to be a very big day, with major data and announcements out from NZ, Australia, the UK and the States.

Global equity markets were pretty flat on the day Dow +0.13%, S&P 500 -0.12%, FTSE +0.37%, DAX +0.13%, CAC +0.82%, Nikkei -0.02%, Shanghai -1.2%.

Gold prices are off, down 1.1% to USD$1,296 an ounce. WTI Crude Oil prices are flat, up 0.1% to US$58.53 per barrel.


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