September 2, 2019 — 2 min read
The AUDUSD opens at 0.6715 (mid-rate), and the NZDUSD opens at 0.6308 (mid-rate) this morning.
With the US enjoying a long weekend currency markets have traded tight ranges with the exception of the British pound which has weakened ahead of the reopening of Parliament this evening.
Overnight UK Prime minister Boris Johnson vowed not to delay Brexit beyond Oct 31st and threatened to trigger an election within in weeks if Remainers block a No Deal Exit.
Remainers are expected to put forward legislation at tonight’s opening which would force Mr Johnson to request a Brexit delay to 31st January 2020 unless MPs had approved a new deal, or voted in favour of a no deal departure, by 19 October.
The GBPUSD fell from an intraday high of 1.2074 to a 2-week low of 1.2065 on the back of these developments.
On the economic data front the UK manufacturing sector contracted at the fastest pace for seven years in August with Markit reporting its Purchasing Managers' Index fell to 47.4, from July’s 48.0 result.
The Euro-zone manufacturing sector contracted for the seventh straight month in August with the Purchasing Managers' Index recording a 47.0 reading. The result was marginally better than July’s 46.5 reading and was in line with economists’ forecasts.
The NZDAUD direction will be dictated by today’s Australian retail sales report followed by the tone of this afternoons’ RBA rate statement.
Global equity markets are mixed, - Dow Closed, S&P 500 Closed, FTSE +1.04%, DAX +0.12%, CAC +0.23%, Nikkei -0.41%, Shanghai +1.31%.
Gold prices are marginally higher trading at $1,529 an ounce. WTI Crude Oil prices have inched lower down 0.7% trading at $54.53 a barrel.
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