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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.

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