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

 

XE Morning Update

The NZDUSD opens at 0.6738 (mid-rate) this morning.

Decreasing expectations of an interest rate cut by the RBNZ on August 7th has seen the NZD outperform overnight amid a pullback in risk appetite.

The NZD is the strongest performing of G10 currencies after Q2 CPI data exceeded expectations and pushed up the annualised rate of inflation from 1.5% to 1.7%.

Overnight the US Commerce Department reported a greater than expected fall in new residential construction in the month of June. The report showed housing starts fell by 0.9% to an annual rate of 1.253m in June with May’s previously reported result downwardly revised to a 0.4% fall. Building permits also nosedived in June, plummeting 6.1% following a 0.7% increase in May.

UK consumer price inflation held steady in June with the Office for National Statistics reporting consumer prices increased 2.0% y/y in June matching May’s result and in line with economists’ forecasts.

Global equity markets have softened overnight after President Trump said he could impose more tariffs on Chinese goods, claiming that Beijing pledged, but didn’t increase purchases of US farm products following the G20 summit.

This afternoon’s Australian employment report will be the key driver for the NZDAUD cross rate with current expectations of 9.1k increase in jobs following last month’s standout 42.3k increase.

Global equity markets are back in the red, - Dow -0.26%, S&P 500 -0.40%, FTSE -0.81%, DAX -0.72%, CAC -0.76%, Nikkei -0.31%, Shanghai -0.20%.

Gold prices are rallying, up 1.3% trading at $1,423 an ounce. WTI Crude Oil prices have dipped further, down 0.7%, trading at $57.01 a barrel.

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

SMC Expert Reaction: Record Dry Spells And Effects On Forests

With no rain forecast before Sunday, Auckland is about to break a record for the city's longest dry spell. Niwa says Auckland is likely to hit 40 consecutive days without rain this weekend . The upper North Island is seeing severe meterological ... More>>

ALSO:

Reserve Bank: Official Cash Rate Remains At 1.0 Percent

The Monetary Policy Committee has decided to keep the Official Cash Rate (OCR) at 1.0 percent. Employment is at or slightly above its maximum sustainable level while consumer price inflation is close to the 2 percent mid-point of our target range. ... More>>

ALSO:

Research: Climate Change Throws Tree Seeding Out Of Sync – New Study

Climate change is negatively affecting tree reproduction by throwing seed production systems out of synchronisation, according to a new international study co-authored by a University of Canterbury scientist. Many tree species worldwide produce large ... More>>

ALSO:


Science Media Centre: Novel Coronavirus Detected In China – Expert Reaction

The virus was detected after more than 40 people were hospitalised with pneumonia in Wuhan City, China and the outbreak traced to a large animal and seafood market. The Centers for Disease Control and Prevention reports that person-to-person transmission ... More>>

ALSO:

Science Media Centre: Flooding could release toxic gas – Expert Reaction

A chemical substance known as ouvea premix stored at an old paper mill in Mataura could release toxic ammonia gas if it comes in contact with water.More>>

ALSO: