Sterling and Euro Tick Higher in Otherwise Sluggish Start to Trading Week

Xe Corporate APAC

November 18, 2019 2 min read

The AUDUSD opens at 0.6817 (mid-rate) and the NZDUSD opens at 0.6405 (mid-rate) this morning.

The British pound along with the Euro are the best performing of the G10 currencies in what has been a sluggish start to the trading week.

The British pound is again pushing higher after polls suggest the Conservative Party’s lead is increasing going into next months election. The latest YouGov and Deltapoll surveys now have the Tories with a healthy 17-point and 15-point lead respectively.

The Euro ticked up after the Bundesbank said that although the current period of weakness in the German economy is expected to continue through to the end of the year, no appreciable tightening is to be expected and there is “no reason to fear than Germany will slide into a recession."

Yield on the  US 10-year treasury has dipped to 1.80 from an overnight high of 1.85% after CNBC’s Beijing Bureau Chief Eunice Yoon, tweeted Chinese officials have grown pessimistic about the chances for a trade deal, adding "Strategy now to talk but wait due to impeachment, US election. Also prioritize China economic support." US equity markets dipped 0.5% following the report but have since clawed back the fall.

The afternoon’s RBA minutes will be the main focus for local investors during our trading session, while another positive result in tonight’s GDT auction should help support the NZD.

Global equity markets are mixed - Dow +0.03%, S&P 500 -0.03%, FTSE +0.07%, DAX -0.26%, CAC -0.16%, Nikkei +0.49%, Shanghai +0.62%

Gold prices are little changed trading at $1,471 an ounce. WTI Crude Oil prices are down 1.6% to $56.88 a barrel.

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