Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


XE Morning Update

The NZDUSD opens at 0.6426 (mid-rate) this morning.

Another rise in global dairy prices has helped lift the New Zealand dollar back above 64 US cents.

This mornings GDT Price Index increased by 1.7% with an average selling price of $ 3,481 per tonne. It was the fifth consecutive rise for the index and follows a 3.7% spike a fortnight ago. The overall result was assisted by healthy increases in both skimmed milk powder and whole milk powder prices which increased by 3.3% and 2.2% respectively.

The NZDAUD broke back above 94 Australian cents yesterday afternoon after the RBA minutes showed the Central bank had debated whether they should cut rates at their November meeting. Although the Board ultimately decided against the move they reaffirmed that they are prepared to ease policy further if needed.

Overnight the US Commerce Department reported October’s housing starts rose 3.8% following on from the sharp 7.9% fall in September. The result was still shy of the forecast 5.1% increase.

The British pound has given back some of its recent gains as investors trim their long positions ahead of this morning’s televised head-to-head debate between Prime Minister Boris Johnson and opposition leader Jeremy Corbyn. YouGov are expected to release an updated post-debate poll later today and any fall in the Tories lead should lead to further weakening of the pound.

With little in the way of economic data during our trading day investors are likely to wait for tomorrow morning’s FOMC minutes before adding to their positions.

Global equity markets remain mixed, - Dow -0.31%, S&P 500 -0.10%, FTSE +0.22%, DAX +0.11%, CAC -0.35%, Nikkei -0.63%, Shanghai +0.85%

Gold prices are little changed trading at $1,474 an ounce. WTI Crude Oil prices continue to fall, down 2.0% to $55.75 a barrel.

© Scoop Media

Business Headlines | Sci-Tech Headlines


Crown Accounts: Treasury HYEFU Sees Deficit Then Rising Surpluses

An operating balance before gains and losses deficit of $0.9 billion is forecast in the current year, before returning to a small surplus in 2020/21 which then grows to reach $5.9 billion (1.5% of GDP) in 2023/24. More>>


Fuels Rushing In: Govt "Ready To Act" On Petrol Market Report

The Government will now take the Commerce Commission’s recommendations to Cabinet...
• A more transparent wholesale pricing regime • Greater contractual freedoms and fairer terms • Introducing an enforceable industry code of conduct • Improve transparency of premium grade fuel pricing... More>>


Reserve Bank Capital Review Decision: Increased Bank Capital Requirements

Governor Adrian Orr said the decisions to increase capital requirements are about making the banking system safer for all New Zealanders, and will ensure bank owners have a meaningful stake in their businesses. More>>


Aerospace: Christchurch Plan To Be NZ's Testbed

Christchurch aims to be at the centre of New Zealand’s burgeoning aerospace sector by 2025, according to the city’s aerospace strategic plan. More>>