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XE Morning Update - NZ

The NZDUSD opens lower at 0.6447 this morning.

The NZD tracked global equity markets lower as ‘risk assets’ slipped on continuing concerns about global growth, US-China trade dispute, and political tensions.

The yield on 30-year US Treasury bonds fell to a fresh 2019 low (2.13%) and close to the all-time low as investors sought refuge in safe-haven assets.

Risk remained on the back-foot overnight as political unrest in Hong Kong kept the market on edge. The Argentine peso plunged over 30% lower at one stage after voters snubbed market-friendly President Mauricio Macri for the opposition candidate Alberto Fernandez in Sunday’s primary vote, which added to the negative global sentiment.

Goldman Sachs analysts said they do not expect the US and China to reach a trade agreement before the 2020 US Presidential election. They also forecast lower US Q4 growth and increased the probability a protracted trade war would lead to recession.

The GBP clawed back some ground on Monday evening, benefiting from political ructions in Italy which hurt the EUR, but concerns over Brexit kept the currency close to multi-year lows versus the USD and EUR.

NZ Food Price Index hit the wires at 10:45am, followed by Australian NAB Business Confidence numbers at 1:30pm.

Global equity markets were mostly lower on the day - Dow -1.5%, S&P 500 -1.3%, FTSE -0.4%, DAX -0.1%, CAC -0.3%, Nikkei +0.4%, Shanghai +1.4%.

Gold prices jumped 1.1% higher to USD$1,512 an ounce – prices have risen 17% during 2019, boosted by ‘safe-haven’ buying and negative debt yields. WTI Crude Oil prices gained 0.8% to US$54.79 per barrel.

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