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XE Morning Update - September6, 2019

NZDUSD 0.6375 0.3%
NZDEUR 0.5776 0.2%
NZDGBP 0.5171 -0.6%
NZDJPY 68.21 0.9%
NZDAUD 0.9353 0.0%
NZDCAD 0.8435 0.3%
GBPNZD 1.9335 0.6%

Risk trades are back on, with positive news from China about “Substantial Progress” with regard to the US China Trade war. You would be forgiven for thinking this sounds like Ground Hog Day, but for now the Market is taking it seriously, and currencies such as the NZD and AUD have performed well. Always be aware though that we are only one tweet away from this reversing…

Back to the data front, we had ADP Non-farm employment data out of the States. This came in better than expected at 195k increase in Jobs. The ADP data generally comes out 2 days before the real employment figures, and tries to predict what the official figures will be. The market will therefore be expecting slightly positive numbers out of the States tonight.

Brexit has done nothing if not teach us arcane rules about UK politics. The opposition are trying to get a bill passed that would take a no-deal Brexit off the table. This has now passed it’s third reading, and is why we are seeing some firmness in the Pound. Boris still wants to have no-deal as an option to strengthen his negotiating position with the EU. One way to do this is to delay the vote until Parliament is Prorogued. Prorogation, which is a word we will hear more of, is where a session of Parliament ends and is formally closed by the Queen. In this way, the bill would not be able to be passed in time by a technicality and for now it seems with Boris the ends definitely justify the means.

Global equity are broadly higher, - Dow +1.59%, S&P 500 +1.44%, FTSE -0.55%, DAX +0.86%, CAC +1.11%, Nikkei +2.12%, Shanghai +0.96%.

Gold prices are off, trading at $1,525 an ounce. WTI Crude Oil prices are little changed at $56.22 a barrel.


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