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XE Morning Update

The NZDUSD opens at 0.6336 (mid-rate) this morning.

In the absence of any major economic data releases the main talking point over the past 24 hours is the announcement that the Queen has agreed to Prime Minister Boris Johnson's request for a suspension of the UK parliament until the October 14th.

The strategic decision means that MPs are unlikely to have time to pass laws to stop a no-deal Brexit on October 31st and increases the chances that the UK could leave the EU without a deal.

The British pound in immediate reaction to the announcement plummeted from 1.2280 to 1.2160 against the USD but has since retraced half the move.

Crude oil prices are pushing higher after the Energy Information Administration said crude oil inventories tumbled by 10m barrels in the week ended August 23rd compared to estimates for a decrease of 2.1m barrels.

The NZD remains under pressure ahead of this afternoon’s ANZ Business survey which is once again expected to show further deterioration in business confidence largely due to the ongoing US-China trade war.

Investors will be looking to tonight’s preliminary US quarterly GDP release for direction with the data expected to show GDP dipping from 2.1% in Q1 to 2.0% in Q2.

Global equity remain mixed, - Dow +0.85%, S&P 500 +0.54%, FTSE +0.54%, DAX -0.25%, CAC -0.34%, Nikkei +0.11%, Shanghai -0.29%.

Gold prices are little changed trading at $1,541 an ounce. WTI Crude Oil prices have continued to push higher up 2.1% trading at $55.56 a barrel.

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