Scoop has an Ethical Paywall
Work smarter with a Pro licence Learn More

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

 

XE Morning Update - October 15, 2019

The NZDUSD opens lower at 0.6296 this morning.

Optimism over a potential US-China trade agreement faded overnight. This hurt global growth-oriented currencies such as the NZD & AUD, while the benefitting the USD.

President Donald Trump announced on Friday that the U.S. and China have reached a “very substantial phase one deal.” Subsequent reports indicate China wants another round of talks before signing the agreement – this could take place at next months APEC summit. It is also rumoured that China wants the US to also scrap a planned tariff hike in December in addition to the hike scheduled for this week.

Analysts said the partial deal between the world’s two largest economies appeared to lack substance with limited progress on structural issues such as technology transfer.

The GBPUSD dropped after the European Union and Britain stressed a lot more work is needed before they could agree a Brexit. However, the NZDGBP was little changed as they both weakened by similar amount against the USD.

The NZD began slipping lower yesterday after data showed China's exports declined more than expected in September reflecting weak global growth and trade disputes with the US administration.

NZ Visitor Arrivals numbers is released at 10:45am, followed in the afternoon by Reserve Bank of Australia minutes from its latest monetary policy meeting (where they cut rates by 0.25%) and Chinese inflation data.

Global equity markets were mostly slightly lower on the day - Dow -0.0%, S&P 500 -0.1%, FTSE -0.5%, DAX -0.2%, CAC -0.4%, Nikkei +1.2%, Shanghai +1.2%.

Gold prices rose 0.3% higher to USD$1,492 an ounce. WTI Crude Oil prices plunged 2.4% to US$53.36 per barrel.

ends

Advertisement - scroll to continue reading

Are you getting our free newsletter?

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.

© Scoop Media

Advertisement - scroll to continue reading
 
 
 
Business Headlines | Sci-Tech Headlines

 
GenPro: General Practices Begin Issuing Clause 14 Notices

GenPro has been copied into a rising number of Clause 14 notices issued since the NZNO lodged its Primary Practice Pay Equity Claim against General Practice employers in December 2023.More

SPADA: Screen Industry Unites For Streaming Platform Regulation & Intellectual Property Protections

In an unprecedented international collaboration, representatives of screen producing organisations from around the world have released a joint statement.More

 
 
 
 
 
 
 
 
 
 
 
 

Join Our Free Newsletter

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.