Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

XE Morning Update - September6, 2019

NZDUSD 0.6375 0.3%
NZDEUR 0.5776 0.2%
NZDGBP 0.5171 -0.6%
NZDJPY 68.21 0.9%
NZDAUD 0.9353 0.0%
NZDCAD 0.8435 0.3%
GBPNZD 1.9335 0.6%

Risk trades are back on, with positive news from China about “Substantial Progress” with regard to the US China Trade war. You would be forgiven for thinking this sounds like Ground Hog Day, but for now the Market is taking it seriously, and currencies such as the NZD and AUD have performed well. Always be aware though that we are only one tweet away from this reversing…

Back to the data front, we had ADP Non-farm employment data out of the States. This came in better than expected at 195k increase in Jobs. The ADP data generally comes out 2 days before the real employment figures, and tries to predict what the official figures will be. The market will therefore be expecting slightly positive numbers out of the States tonight.

Brexit has done nothing if not teach us arcane rules about UK politics. The opposition are trying to get a bill passed that would take a no-deal Brexit off the table. This has now passed it’s third reading, and is why we are seeing some firmness in the Pound. Boris still wants to have no-deal as an option to strengthen his negotiating position with the EU. One way to do this is to delay the vote until Parliament is Prorogued. Prorogation, which is a word we will hear more of, is where a session of Parliament ends and is formally closed by the Queen. In this way, the bill would not be able to be passed in time by a technicality and for now it seems with Boris the ends definitely justify the means.

Global equity are broadly higher, - Dow +1.59%, S&P 500 +1.44%, FTSE -0.55%, DAX +0.86%, CAC +1.11%, Nikkei +2.12%, Shanghai +0.96%.

Gold prices are off, trading at $1,525 an ounce. WTI Crude Oil prices are little changed at $56.22 a barrel.

ends

© 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: