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XE Morning Update

The NZDUSD opens at 0.6606 (mid-rate) this morning.

The AUD along with the GBP are the weakest performing of the G10 currencies with the AUD selling off after NAB reported its Business Confidence index plummeted back to 2 in June after rising to 7 in the month of May. The disappointing result shows optimism, which came on the back of the election result and expectations that the RBA were about to cut rates was short-lived.

This morning’s consumer sentiment report has the capability of adding to the current downward pressure on the AUD with economists expecting the recent slide in household sentiment to have continued.

The weakness in the pound comes after Britain’s expected new Prime Minister, Boris Johnson reaffirmed his commitment to leaving the EU in October, with or without a deal.

Global equity markets continue to soften ahead of Federal Reserve Chairman Jerome Powell’s Congressional testimony in the early hours of tomorrow morning. Powell’s speech on monetary policy and the US economy will be scrutinised for clues about the outlook for interest rates, with the Fed’s monetary policy minutes from their last meeting due for release shortly after.

Global equity markets are a little softer, - Dow -0.23%, S&P 500 -0.10%, FTSE -0.17%, DAX -0.85%, CAC -0.30%, Nikkei +0.14%, Shanghai -0.18%.

Gold prices are little changed, trading at $1,398 an ounce. WTI Crude Oil prices have traded sideways over the past 24hrs, and opens up this morning at $57.89 a barrel.



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