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XE Morning Update

The NZDUSD opens at 0.6291 (mid-rate) this morning.

With little in the way of economic data over the past 24 hours currencies have traded tight ranges with both the NZD and AUD giving ground against the majors.

Global equity markets are marginally higher with investors seemingly reluctant to add to their portfolios ahead of this weeks US-China trade talks. On a positive note White House economic adviser Larry Kudlow has said he is optimistic that trade officials can make progress on a trade deal and that the US is open to a short-term deal as long as "structural issues," like market access for U.S. companies and the Chinese government subsidizing state-owned companies, are addressed.

The EUR has inched higher despite Germany's factory orders declining more-than-expected in August. Yesterday Destatis reported factory orders decreased 0.6% in August with domestic orders down 2.6%, orders had been expected to fall by 0.45 following July’s 2.1% fall.

China PMI data will be the main driver during our trading day with current expectations of an unchanged 52.1 result.

Global equity markets are broadly higher, - Dow +0.23%, S&P 500 +0.22%, FTSE +0.59%, DAX +0.70%, CAC +0.61%, Nikkei -0.16%, Shanghai Closed

Gold prices have retraced yesterday’s fall up 1.4% to at $1,503 an ounce. WTI Crude Oil prices have fallen further, down 1.5% trading at $52.55 a barrel.

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