XE Morning Update - October 30, 2019
NZDUSD 0.6356 0.2%
NZDEUR 0.5719 0.1%
NZDGBP 0.4941 0.2%
NZDJPY 69.15 0.0%
NZDAUD 0.9258 -0.2%
NZDCAD 0.8317 0.4%
GBPNZD 2.0239 -0.2%
The NZDUSD opens at 0.6356 (mid-rate) this morning.
The NZD is little changed from yesterday’s open giving back gains made earlier in the day following RBNZ Assistant Governor Christian Hawkesby’s comments.
Investors pared back their expectations of a 25bps cut from the RBNZ in November after Hawkesby said it was important for financial markets to pay more attention to what the RBNZ should do, than what it’s expected to do. Market participants should analyse the incoming economic data for what ‘we should do,” mr Hawksby said and given that Q3 CPI surprised to the upside there is an argument for the Reserve Bank to remain on hold at next month’s meeting.
Local focus today will be on Australia’s Q3 CPI data release which will dictate direction for the NZDAUD cross rate, while overnight tonight advance US GDP followed by tomorrow morning’s FOMC meeting with the Federal Reserve widely expected to cut rates by 25bps will me key market drivers.
Global equity markets are on the front foot, - Dow +0.43%, S&P 500 +0.57%, FTSE +0.09%, DAX +0.37%, CAC +0.15%, Nikkei +0.30%, Shanghai +0.85%
Gold prices are little changed trading at $1,492 an ounce. WTI Crude Oil prices are slipping lower, down 1.5%% trading at $55.93 a barrel.