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

 

XE Morning Update - May 28, 2019

The NZDUSD opens lower at 0.6542 this morning.

Trade tensions between the US and China kept growth currencies, such as the NZD and AUD, under pressure. US President Donald Trump said he was “not yet ready” to make a deal with China and hinted the two economic giants are far from a trade agreement.

The EUR struggled to hold earlier gains as investor relief at the limited success for Eurosceptic parties in European parliamentary elections was offset by a decline in the share of seats held by the biggest blocs. The election results have dented the hopes of anti-immigration, anti-Brussels parties.

The yields on NZ 2-year Government bonds fell to a record low of 1.325% on Monday, as the markets continue to wager on another 0.25% rate cut by the RBNZ in the coming months. This is helping to keep a lid on the NZD.

The GBP fell, as sentiment remain negative, ahead of Theresa May’s departure from the Prime Minister’s office amid continuing Brexit uncertainty.

There is no data released scheduled on the domestic calendar today.

Tomorrow will be more interesting with the RBNZ Financial Stability Report, two speeches from RBNZ Governor Adrian Orr, along with ANZ Business Confidence figures.

Global equity markets were higher on the day - Dow +0.4%, S&P 500 +0.1%, FTSE +0.7%, DAX +0.5%, CAC +0.4, Nikkei +0.3%, Shanghai +1.4%.

Gold prices gained 0.1%% to USD$1,285 an ounce. WTI Crude Oil prices jumped 2.1% to US$59.17 per barrel.

ends

© 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>>