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XE Morning Update - August 15, 2019

NZDUSD 0.6435 -0.3%
NZDEUR 0.5781 0.1%
NZDGBP 0.5338 -0.3%
NZDJPY 68.19 -0.9%
NZDAUD 0.9535 0.4%
NZDCAD 0.8572 0.4%
GBPNZD 1.8734 0.3%

The NZDUSD opens at 0.6435 (mid-rate) this morning.

Recession fears increased overnight after yield on US 10-year treasury bonds dropped below the rate on the 2-year equivalent for the first time since 2007.

The inversion is widely seen as an indicator of a recession with the past 5 US recessions preceded by this bond market phenomenon.

Disappointing economic data out of China and Germany are adding to investor concerns with China's industrial production growth now sitting at 17-year lows and Germany’s gross domestic product contracting 0.1% in Q2. On a year on year basis GDP increased 0.4% following on from Q1’s 0.9% increase.

UK consumer price inflation unexpectedly accelerated in July, with the Office for National Statistics reporting consumer prices rose by 2.15 y/y exceeding the Bank of England's 2% target.

The latest monthly employment data out of Australia will be the key driver for the NZDAUD cross rate during our trading day, while overnight tonight manufacturing and retail sales reports out of the US will be the main focus for investors.

US and European Equity markets are aggressively lower, - Dow -2.8%, S&P 500 -2.65%, FTSE -1.42%, DAX -2.19%, CAC -2.08%, Nikkei +0.98%, Shanghai +0.42%.

Gold prices are pushing higher, up 1.2% trading at $1,518 an ounce. WTI Crude Oil prices have reversed yesterday’s move higher and are currently down 3.6% trading at $55.08 a barrel.


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