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


XE Morning Update - May 14, 2019

The NZDUSD opens lower at 0.6571 this morning.

The NZDUSD was under selling pressure overnight as the trade war between the United States and China escalated, with each country raising tariffs on the other’s goods. The NZD is sensitive to global growth outlook.

China plans to impose higher tariffs on USD$60 billion worth of US goods, after the US announced a tariff hike on USD$200 billion of Chinese products on Friday. China retaliated despite US President Trump’s warning against such action.

Global risk aversion spiked higher on fears the trade dispute between China & the USA could escalate further and derail the global economy in the process. The VIX, a gauge of investor anxiety, spiked to its largest gain for the year, while global equity markets were hit hard with over USD$1 trillion wiped from stock values.

The GBP weakened, notwithstanding reports the British parliament might still reach a cross-party consensus on a Brexit deal, as trade fears dominated.

NZ monthly Visitor Arrivals figures hit the wires at 10:45am – not likely to be a market-mover, followed by NAB Business Confidence numbers for Australia at 1:30pm

Global equity markets were sharply lower on the day - Dow -2.7%, S&P 500 -2.8%, FTSE -1.6%, DAX -1.5%, CAC -1.2%, Nikkei -0.7%, Shanghai -1.2%.

Gold prices gained 1.1% to USD$1,299 an ounce on safe-haven demand. WTI Crude Oil prices fell 1.3% to US$60.900 per barrel on fears the trade dispute will weigh on global growth, which overshadowed news that two Saudi Arabia oil tankers were among vessels attacked near the Strait of Hormuz, a vital oil export waterway.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Real Estate: Auckland House Price Deflation Accelerates

The decline in Auckland house prices is starting to accelerate as the number of house sales plummet, not just in Auckland but in most parts of the country. More>>


'Wellbeing Budget': Grant Robertson Pre-Budget Speech

There has been a fair amount of attention in the media here and internationally on this year’s budget – our country’s first Wellbeing Budget. Enough for me to be invited to the recent Spring Meetings of the World Bank and International Monetary Fund, to talk about our approach... More>>


New Vodafowners: Vodafone Sale To Infratil Consortium

Vodafone Group Plc has today announced the conditional sale of 100% of Vodafone New Zealand Limited to a consortium of long-term investors, New Zealand-based Infratil, and Canada-based Brookfield Asset Management. More>>


Ice Cream: Global Giant Buys Tip Top From Fonterra

Froneri has today agreed to acquire the iconic New Zealand ice cream business Tip Top from global dairy co-operative Fonterra with completion expected by the end of the month. More>>