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


XE Morning Update

The Kiwi opens at 0.6383

Risk is definitely off the table today, and flights to safe haven currencies are on the menu. As ever, it is the wider backdrop of Coronavirus which has caused the sell off. Specifically we had Apple review their revenue guidance, saying they will be hit by both supply constraints and lack of demand. It highlights an interesting phenomenon with markets at times. Everyone KNOWS that having China off work for a month isn’t going to be good for supply, and everyone KNOWS that having 1 Billion people unable to travel and shop is not going to be good for demand, yet it sometimes needs someone to spell it out to move markets. Reports of shipping companies saying they may be forced to effectively offload or dump chilled containers at the wrong ports can be enough to crystalize consensus into the fact that Coronavirus is a big problem, and it is not going to go away in a few weeks.

Please excuse the rant above, but every now and again you need to step back and take stock of the bigger picture. The Kiwi is a few percent away form 11 year lows. The AUD is less than half a percent away. Coronavirus is not the sole cause of this by any means, but it could be the catalyst to break the lows, with no support for a long way. 

Closer to home, the focus will be back on data, with the Australians focusing on quarterly wage price index. The RBA have been a bit mixed with their signalling of late, but solid wage data today, and employment data tomorrow should help to gauge their next move. 

Global equity markets are mixed, - Dow -0.73%, S&P 500 -0.46%, FTSE -0.69%, DAX -0.75%, CAC -0.48%, Nikkei -1.40%, Shanghai +0.05%

Gold prices are up 1.3% trading at $1,600 an ounce. WTI Crude Oil prices are off, down 1.2% to $51.76 a barrel

© Scoop Media

Business Headlines | Sci-Tech Headlines


Reserve Bank: RBNZ To Implement $30bn Large Scale Asset Purchase Programme Of NZ Govt Bonds

The Monetary Policy Committee (MPC) has decided to implement a Large Scale Asset Purchase programme (LSAP) of New Zealand government bonds. The negative economic implications of the coronavirus outbreak have continued to intensify. The Committee ... More>>


Elevate NZ: Venture Fund To Lift Productivity

The Government’s new $300 million venture capital fund - announced in last year’s Budget – is now open for business as the Elevate NZ Venture Fund. Finance Minister Grant Robertson says lifting New Zealand's productivity requires well-functioning ... More>>


COVID-19: Case Confirmed In NZ – Expert Reaction

After spreading across the globe for months, the first case of COVID-19 has been reported in New Zealand. The Ministry of Health says the risk of a community outbreak is low, due to their preparedness and the high awareness of the disease. The Science ... More>>


Agriculture: New Legislation To Boost Organics

New organics legislation will boost consumer confidence and help grow an innovative sector, says Food Safety Minister Damien O’Connor. “The Organics Product Bill, introduced to Parliament this week, aims to increase consumer confidence when purchasing ... More>>


Biodiversity Policy: Misinformation Circulating

Forest & Bird is concerned at misinformation circulating regarding a policy statement aimed at protecting New Zealand’s unique biodiversity. The National Policy Statement for Indigenous Biodiversity is being consulted on by the ... More>>