XE Morning Update - April 9 2019

The NZDUSD opens marginally higher at 0.6741 this morning.

The USD fell across the board overnight, nudging the NZDUSD higher, as recent strong economic data helped eased concerns about the global economy.

In addition, growth-oriented currencies such as the NZD & AUD received a boost after China said it would relax residency curbs in many of its smaller cities and increase infrastructure to boost economic growth. China also announced steps to support financing for small and medium-sized businesses.

The NZDAUD is trading just above 11-week lows of 0.9456 as the spectre of RBNZ interest rate cuts continues to weigh on the Kiwi.

The GBP edged higher as British Prime Minister Theresa May appealed to both the public and politicians in search of support for a compromise Brexit plan, which would support her request to delay departing the EU until the end of June.

There is no data on the domestic calendar today.

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

Gold prices rose 0.5% to USD$1,298 an ounce. WTI Crude Oil prices surged 1.9% to US$64.33 per barrel on the back of a weaker USD and conflicts from Iran to Libya.

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