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Morning Update: NZDUSD opens at 0.6938 (mid-rate)
The NZDUSD opens at 0.6938 (mid-rate) this morning.
Trading has so far been fairly subdued with volumes well down amid holidays in both the UK and the US.
Geopolitical news has dominated markets over the past 24hrs, the EUR gapped higher on the open yesterday morning and continued to outperform during our trading day, however following the news that Italian President Mattarella had chosen Carlo Cottarelli as an interim PM the move was quickly reversed. Fears that a snap election is now likely and that the anti-establishment 5-Star Movement is considering campaigning with the far-right League has seen Italian bond yields surge higher and the EUR fall sharply.
Crude oil prices are now trading at 3-week lows down another 2% overnight as Saudi Arabia and Russia consider increasing output, while US production gains show no signs of slowing.
With very little in the way of economic data investors will look to NZ’s bi-annual Financial Stability Report and an accompanying speech from Reserve Bank of New Zealand chairman Adrian Orr for direction.
Global equity have fallen sharply- Dow - Closed, S&P 500 - Closed, FTSE - Closed, DAX -0.58%, CAC -0.61%, Nikkei +0.13%, Shanghai -0.20%.
Gold prices have edged lower, down 0.3% trading at $1,297 an ounce. WTI Crude Oil prices continue to fall down 2.0% trading at $66.41 a barrel.
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