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 0.6765 (mid-rate) this morning.

The USD pushed higher on Friday breaking a 2-day losing streak after a spokesperson for the NY Federal Reserve said the market had taken out of context earlier comments from NY Fed President John Williams.

On Thursday Mr Williams’ had stated that the Fed would have to cut rates in the upcoming monetary policy meeting and that the Central Bank would have to act quickly and forcefully as economic growth was slowing.

The NY Fed spokesperson said Mr Williams speech “was an academic speech on 20 years of research’ and that “It was not about potential policy actions at the upcoming FOMC meeting."

On the economic news front a preliminary report from the University of Michigan showed US consumer sentiment in the month of July has improved slightly but not as much as forecast. The data shows the index has inched up to 98.4 from June’s final reading of 98.2. economists had forecast the index to hit 98.6.

Crude oil prices are set to spike with geopolitical tensions increasing after Iran seized a British oil tanker in the Strait of Hormuz. The UK government are demanding its immediate release and threatening Tehran with “serious consequences,” Iran claim the ship was seized after it crashed into a fishing vessel.

Global equity markets closed mixed on Friday, - Dow -0.25%, S&P 500 -0.61%, FTSE +0.21%, DAX +0.26%, CAC +0.03%, Nikkei +2.0%, Shanghai +0.79%.

Gold prices hit a fresh six year high of $1,454on Friday before retracing the move and closing out the week $1,426 an ounce. WTI Crude Oil prices held steady on Friday, closing at $55.76 a barrel.

© 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: