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XE Morning Update - October 25, 2019

The NZD opens at 0.6379

The Kiwi is still range bound in the short term. It went and tested the recent highs, but has since drifted off. We had a lot of manufacturing data out of both Europe and the States, but this came in fairly mixed, with no clear trend either way.

All eyes turn to the UK, or to be more accurate, to the heavens. The latest is Boris is calling for a December 12 election. This will need a 2 thirds majority to get through Parliament, with Labour saying they will back the election once a no-deal is ruled out. If this goes through, an election will be very interesting in terms of who campaigns on what. The sad thing is you can bet money on at least one party campaigning on getting a better deal out of the EU. It does not give much confidence that the expected extension to Jan 31st will indeed be the last (whatever the politicians say).

From a data point of view, if not sport, there is not too much expected over the weekend. It is a New Zealand Public holiday on Monday, though we will still be in, settling most other currencies.

Global equity markets are slightly up, - Dow -0.18%, S&P 500 +0.02%, FTSE +0.93%, DAX +0.58%, CAC +0.55%, Nikkei +0.55%, Shanghai -0.02%

Gold prices are up 1.1% to $1,506 an ounce. WTI Crude Oil prices are up a similar amount, now trading at $56.19 a barrel.


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