NZDUSD 0.6593 0.6% NZDEUR 0.5671 0.2% NZDGBP 0.5108 0.2% NZDJPY 73.51 0.6% NZDAUD 0.9168 0.4% NZDCAD 0.8691 0.7% GBPNZD 1.9577 -0.2%
Broad US dollar weakness has seen the NZD trade back towards US 66 cents after falling to its lowest level in almost 30 months yesterday morning. This morning the US Commerce Department reported that the US trade deficit widened to $50.1b in July from a downwardly revised 45.7b in June. Economists had forecast the deficit to widen to $50.1b from the $46.3b originally reported for June. The British pound has made headway against the majors after it was reported that Germany has indicated its prepared to offer a major compromise on Brexit deal, The report said Germany is ready to "accept a less detailed agreement on the UK's future economic and trade ties with the EU in a bid to get a Brexit deal done." Overnight an in line with expectations the Bank of Canada kept its benchmark rate unchanged at 1.50% An increase in US stockpiles along with concerns over emerging-market demand has seen crude oil prices fall overnight, WTI crude is currently down 1.9% its sharpest fall over the past two weeks. Investors are likely to remain cautious during our trading day with the real possibility that President Donald Trump may go ahead with his proposed tariffs on $200 billion of Chinese goods when a public comment period on the taxes concludes later today. Equity markets continue to struggle, - Dow -0.05%, S&P 500 –0.03%, FTSE -1.00%, DAX -1.39%, CAC -1.54%, Nikkei -0.51%, Shanghai +1.68%. Gold prices are little changed trading at $1,195 an ounce. WTI Crude Oil prices are down 1.9%, trading at $68.47 a barrel.
Upcoming Data releases (NZST): - no local data today
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