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XE Morning Update December3, 2019

NZDUSD 0.6505 1.2%
NZDEUR 0.5865 0.6%
NZDGBP 0.5018 0.8%
NZDJPY 70.83 0.6%
NZDAUD 0.9528 0.3%
NZDCAD 0.8639 1.2%
GBPNZD 1.9928 -0.8%


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The NZDUSD opens at 0.6505 (mid-rate) this morning.

The NZD which was pushing higher after Finance Minister Grant Robertson signalled the Government is about to announce a “significant” fiscal stimulus package, surged higher yesterday afternoon after China’s upbeat manufacturing data revitalised risk appetite.

Adrian Orr has been calling for Government assistance for the past six-months and the prospect of an increased infrastructure spend will alleviate the pressure on the RBNZ to cut rates further.

Following on from Sunday’s official survey which revealed manufacturing activity in China had unexpectedly, and all be it modestly expanded for the first time since April, yesterday’s private survey run by Caixin and Markit showed activity expanded for the fourth consecutive month this time hitting a three-year high of 51.8.

In stark contrast this morning’s US purchasing managers index surprised economists by contracting for the fourth consecutive month and at a faster pace than expected in November. The data has release has pushed down both the USD and US equities.

The RBA are widely expected to keep rates on hold at this afternoon’s meeting, with the accompanying statement set to dictate direction for the NZDAUD cross rate.

Global equity markets are down sharply, - Dow -0.78%, S&P 500 -0.82%, FTSE -0.82%, DAX -2.05%, CAC -2.01%, Nikkei -0.49%, Shanghai +0.13%

Gold prices are down 0.7% trading at $1,462 an ounce. WTI Crude Oil prices have rallied 1.6% to $56.05 a barrel.

ends

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