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 0.6731 (mid-rate) this morning.

The British pound tumbled to multi-year lows and is the weakest of the G10 currencies as the prospect of the UK exiting Europe without a deal increased.

New UK prime Minister Boris Johnson has taken a hard line stance and is refusing to meet with European Union leaders over Brexit unless they first agree to remove the backstop from any future negotiations. Mr Johnson added that he is willing to go the “extra thousand miles" in negotiations with the EU but insisted he will "make it absolutely clear that the backstop is no good". The GBP declined to a fresh 28-month low (1.2210) against the USD on the news.

Other currencies and equity markets with the exception of the FTSE are treading water as investors look ahead to the Fed monetary policy statement in the early hours of Thursday morning. The Fed are widely expected to cut rates by 25 basis points with the outside chance of a 50 basis point cut increasing from 19% to 27% overnight.

This afternoon the BOJ are tipped to sit tight while at the same time committing to keep interest rates ultralow while they too wait for the Fed announcement. The BOJ will be concerned that an aggressive cut by the Fed will lead to a surge in the yen as the interest rate gap between the two economies converges.

Global equity markets are mixed, - Dow +0.15%, S&P 500 -0.17%, FTSE +1.82%, DAX -0.02%, CAC -0.16%, Nikkei -0.19%, Shanghai -0.12%.

Gold prices are marginally higher trading at $1,422 an ounce. WTI Crude Oil prices have inched higher, up 0.3%, trading at $56.93 a barrel.

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Super Fund/Canada Bid v NZTA: Tow Preferred Bidders For Auckland Light Rail

The two preferred delivery partners for Auckland light rail have been chosen and a final decision on who will build this transformational infrastructure will be made early next year, Minister of Transport Phil Twyford announced. More>>

ALSO:

9.3 Percent: Gender Pay Gap Unchanged Since 2017

“While it has remained flat since 2017, the gender pay gap has been trending down since the series began in 1998, when it was 16.2 percent,” labour market statistics manager Scott Ussher said. More>>

ALSO:

Ex-KPEX: Stuff Pulls Pin On Media Companies' Joint Ad-Buying Business

A four-way automated advertising collaboration between the country's largest media companies is being wound up after one of the four - Australian-owned Stuff - pulled the pin on its involvement as part of a strategic review of its operations ... More>>

Bus-iness: Transdev To Acquire More Auckland And Wellington Operations

Transdev Australasia today announced that it has agreed terms to acquire two bus operations in Auckland and Wellington, reaching agreement with Souter Investments to purchase Howick and Eastern Buses and Mana Coach Services. More>>

ALSO: