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XE Morning Update

The Kiwi opens at 0.6438

As can often happen during a US holiday, the Market has traded tight ranges. We remain in a holding pattern, waiting for direction.

The Pound was again the biggest mover, albeit not by much. The initial optimism of the new Economic Chancellor Javid being stimulatory has been offset by Boris Johnson looking for the budget to be cut by 5%. However I wouldn’t be too stressed about a Politician calling for budget cuts, and I imagine it’s not something Johnson wants to die in a ditch over.

Out of Australia we have the Monetary Policy Meeting minutes at 1:30 NZT. The recent Statement was fairly upbeat, so the Market will be looking for something similar in the minutes.

German Economic sentiment is also out late tonight. Usually something that may not be so closely watched, with Germanys recent poor GDP print, a miss here could really add weight to the European slow down story.

Global equity markets are mixed, - Dow -0.09%, S&P 500 +0.18%, FTSE +0.33%, DAX +0.29%, CAC +0.27%, Nikkei -0.69%, Shanghai +2.28%

Gold prices are flat, trading at $1,5380 an ounce. WTI Crude Oil prices are up slightly, gaining 0.4% to $52.37 a barrel

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