NZDUSD 0.6660 -0.5% NZDEUR 0.5668 -0.2% NZDGBP 0.5095 +1.1% NZDJPY 74.84 -0.5% NZDAUD 0.9178 0.0% NZDCAD 0.8612 -0.3% GBPNZD 1.9627 -1.1%
The GBP plunged, EUR fell, and USD strengthened, after British Prime Minister Theresa May said the European Union must supply an alternative to her Brexit proposals, after the Bloc’s leaders rejected her plans without explaining why. The NZDUSD dipped, while the NZDGBP jumped higher, in response. The UK Sunday Times reported that aides for Theresa May have begun planning of a possible snap election in November to win backing for new Brexit plan and save her Prime Ministership. Trade tensions between the US and China show no sign of easing. In fact, they have ratcheted up a notch of two after China called off planned trade talks with US officials – this was partially in response to the US State Department sanctions against China’s defence agency and its director. In addition, USD$200 billion of Chinese products will be subject to a 10% tariff from Monday (US time). The USD is still regarded as a safe haven during the trade dispute. There is no data scheduled on the domestic calendar today. The RBNZ has an OCR meeting on Thursday – no change is widely expected and there is no accompanying Monetary Policy Statement at this meeting. The US Federal Reserve is widely expected to raise benchmark interest rates at its meeting on Thursdays morning (NZ time). Global equity markets were solidly higher on the day - Dow +0.3%, S&P 500 -0.0%, FTSE +1.7%, DAX +0.9%, CAC +0.8%, Nikkei +0.8%, Shanghai +2.5%. Gold prices are slipped 0.2% to USD$1,199 an ounce, while WTI Crude Oil prices were flat at US$70.80 per barrel.
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