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

 

XE Morning Update

The NZDUSD opens at 0.6562 (mid-rate) this morning.

Overnight, disappointing US economic data releases have been overshadowed by reports that President Trump is considering a six-month delay in tariffs on imported autos and auto parts alongside Treasury Secretary Steven Mnuchin's remarks that he expects trade talks with China to resume soon.

On the economic data front both US retail sales and industrial production for the month of April came up shy of economists’ estimates.

Led by a 1.1% fall in sales of motor vehicles and parts, which were down 1.1% after surging 3.2% in March, retail sales inched down 0.2% in April. Economists had forecast sales to edge up by 0.2%. Core retail sales which are closely monitored by the Fed and excludes autos, gasoline, building materials and food services came in flat following a 1.1% increase in March. Core sales had been forecast to rise by 0.7%.

According to the Federal Reserve, Industrial production for the month of April fell by 0.5% following a marginal 0.2% rise in March. Production had been forecast to come in unchanged with the dip largely reflecting a sharp pullback in utilities output, which plummeted 3.5%.

Germany’s economy expanded for the first time in three quarters in Q1, advancing 0.4% (in line with expectations) after remaining flat in Q4 and contracting 0.2% in Q3 of 2018.

Trade talk headlines are likely to continue to dominate market moves for the remaining of the week while the monthly Australian employment report will dictate direction for the NZDAUD during our trading day.

Global equity continue to push higher, - Dow +0.68%, S&P 500 +0.80%, FTSE +0.76%, DAX +0.90%, CAC +0.62%, Nikkei +0.58%, Shanghai +1.91%.

Gold prices have edged lower, down 0.2% trading at $1,295 an ounce. WTI Crude Oil prices continue to push higher, up 1.0% Trading at $62.30 a barrel.

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

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:

Oil Scare: Trump Authorises Use Of Emergency Crude Stockpile

The New Zealand dollar fell against the US dollar after President Donald Trump authorised the use of the country's emergency crude stockpile after the weekend attack on Saudi Arabia’s major oil facilities. More>>

ALSO:

Pre-Post-Brexit Deal Talks: UK Trade Minister Visits Wellington

New Zealand should get a better deal for exports of sheepmeat, beef and dairy products into the United Kingdom after Brexit, the British Minister of State for Trade, Liz Truss, said in Wellington today. More>>

ALSO:

Not-Very Well: Tamarind Halts Tui Drilling; OMV Assesses Options

Tamarind Resources has halted drilling at its Tui oil field off the Taranaki coast after the first of the three planned wells came up dry. Managing director Ian Angell says that despite the “unexpected” result from the first well, the firm believes the other two prospects are worth pursuing. More>>

ALSO:

Seeking 'Clarity': Crown To Appeal Southern Response Decision, Offers Costs

“It is our intention that the clarity that will come from the outcome of these proceedings will enable the Crown to work with Southern Response to provide a soundly based proactive solution to those people that are affected.” More>>