XE Morning Update - October 1, 2019

The NZDUSD opens at 0.6263 (mid-rate) this morning.

A new 11 ½ year low in ANZ's Business Confidence index has seen the NZD underperform over the past 24 hours.

According to the report the business confidence index fell to -53.5 from -52.3 in September with the index for outlook also declining to -1.8 from -0.5 in August.

The USD along with US equities have pushed higher after a Treasury Department spokeswoman Monica Crowley denied reports the Trump administration is considering delisting Chinese companies from U.S. stock exchanges.

Crowley made the statement following the weekend’s Bloomberg report suggesting the Trump administration is contemplating ways to curb US investments in China. White House trade adviser Peter Navarro has slammed the report claiming "over half" of a Bloomberg report about potential restrictions was "highly inaccurate or simply flat-out false."

The British pound strengthened after data from the Office for National Statistics upwardly revised gross domestic product to 1.3% on an annual basis in Q2, from their previous estimate of 1.2%.

Investor interest today will focus on the RBA’s rate decision with the market continuing to price in a 75% chance the RBA will cut the OCR by 25 basis points to a new record low of 0.75%.

Global equity markets are mixed, - Dow +0.56%, S&P 500 +0.65%, FTSE -0.24%, DAX +0.38%, CAC +0.66%, Nikkei -0.56%, Shanghai -0.92%.

Gold prices are down 2.1% to at $1,465 an ounce. WTI Crude Oil prices have fallen 1.9% currently trading at $54.71 a barrel.

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