Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

XE Morning Update - May 1 2019


NZDUSD 0.6680 0.2%
NZDEUR 0.5957 -0.1%
NZDGBP 0.5123 -0.6%
NZDJPY 74.43 -0.1%
NZDAUD 0.9473 0.3%
NZDCAD 0.8949 -0.1%
GBPNZD 1.9520 0.6%

The NZDUSD opens higher at 0.6680 this morning.

The NZD gained on the back of a weaker USD and stronger EUR.

US economic was data mixed on the eve of the US Federal Reserve interest rate decision. US labour costs increased steadily during Q1, pointing to moderate inflation pressures even as the labour market tightens, while consumer confidence exceeded forecasts. However, manufacturing data disappointed.

The EUR strengthened after Q1 economic growth figures for the euro zone beat market expectations and indicated a recovery from the slump suffered in the back half of 2018.

The US is ramping up pressure to reach a trade deal with China in the coming weeks, with the US reportedly prepared to walk away.

The US Federal Reserve has begun their 2-day interest rate meeting. During their last meeting the Fed dropped its forecasts for any rate increases, halting a 3-year tightening campaign. Despite Fed independence, President Trump tweeted the US economy would go “up like a rocket” if the Fed lowered interest rates by 1% and resumed quantitative easing.

The GBP surged higher after reports the UK Government has made substantive moves in Brexit talks with the opposition Labour party and that the tone of their discussions has improved.

NZ employment data hits the wires at 10:45am. These will be closely watched by the markets and will influence the likelihood, or not, of an RNBZ interest rate cut on 8th May.

Global equity markets were mixed on the day - Dow +0.1%, S&P 500 -0.7%, FTSE -0.3%, DAX +0.1%, CAC +0.1%, Nikkei -0.2%, Shanghai +0.5%.

Gold prices were little changed at USD$1,291 an ounce as the USD rallied. WTI Crude Oil prices are trading at US$63.89 per barrel.

ends

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Up 0.5% In June Quarter: Services Lead GDP Growth

“Service industries, which represent about two-thirds of the economy, were the main contributor to GDP growth in the quarter, rising 0.7 percent off the back of a subdued result in the March 2019 quarter.” More>>

ALSO:

Pickers: Letter To Immigration Minister From Early Harvesting Growers

A group of horticultural growers are frustrated by many months of inaction by the Minister who has failed to announce additional immigrant workers from overseas will be allowed into New Zealand to assist with harvesting early stage crops such as asparagus and strawberries. More>>

ALSO:

Non-Giant Fossil Disoveries: Scientists Discover One Of World’s Oldest Bird Species

At 62 million-years-old, the newly-discovered Protodontopteryx ruthae, is one of the oldest named bird species in the world. It lived in New Zealand soon after the dinosaurs died out. More>>

Rural Employers Keen, Migrants Iffy: Employment Visa Changes Announced

“We are committed to ensuring that businesses are able to get the workers they need to fill critical skills shortages, while encouraging employers and regions to work together on long term workforce planning including supporting New Zealanders with the training they need to fill the gaps,” says Iain Lees-Galloway. More>>

ALSO:

Marsden Pipeline Rupture: Report Calls For Supply Improvements, Backs Digger Blame

The report makes several recommendations on how the sector can better prevent, prepare for, respond to, and recover from an incident. In particular, we consider it essential that government and industry work together to put in place and regularly practise sector-wide response plans, to improve the response to any future incident… More>>

ALSO: