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XE Morning Update

The NZDUSD opens at 0.6385 (mid-rate) this morning.

What a difference a day makes, with the US-China trade talks apparently back on, the world is in a better place and risk-appetite is on the rise.

Late yesterday President Trump told media at the G-7 summit in Biarritz, France, that Chinese officials had contacted their US counterparts and asked for the resumption of trade negotiations. "China called, last night, our top trade people, and said, 'Let's get back to the table.' So, we'll be getting back to the table. And I think they want to do something," Trump said.

The news has seen US equity markets push higher with both the Dow and the S&P up circa 1.0% while yield on the US 10-yr Treasury is back up at 1.545 having traded as low as 1.44% on Friday night.

On the economic data front this morning’s US durable goods orders spiked up by 2.1% in July following on from a downwardly revised 1.8% increase in June. Orders had been forecast to increase by 1.1% following the previously reported 1.9% rise in June.

Core durable goods, which are more closely monitored by the Fed contracted 0.4% in July with June’s 1.2% rise downwardly revised to 1.0%. the July reading was expected to show core goods orders inching up by 0.2%.

The EUR lost ground overnight after August’s IFO business sentiment survey revealed fresh signs of deteriorating German confidence. According to the latest release the index fell for the fifth consecutive month in August, with the 94.3 reading the lowest level since November 2012.

Global equity are mixed, - Dow +0.85%, S&P 500 +0.85%, FTSE Closed, DAX +0.40%, CAC +0.45%, Nikkei -2.17%, Shanghai -1.17%.

Gold prices are little changed trading at $1,528 an ounce. WTI Crude Oil prices marginally lower, down 1.0% trading at $53.48 a barrel.

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