RBNZ shifts to easing bias sends the NZD tumbling.
With the RBNZ shifting their bias to easing, the NZD is the run away weakest of the major currencies. The JPY is the strongest and GBP are the strongest. The USD is mixed/higher with the NZDUSD the big influence. The greenback is lower vs EUR, GBP, JPY and CHF and up vs the CAD and AUD in addition to the run higher in the NZD. In the UK the House Speaker will pick the amendments to vote on later today at 11 AM ET/1500 GMT. The votes on the chosen amendments will be at 3:30 PM ET/1930 GMT. PM May is also set to set a date for her resignation in addition to the votes today. The chatter is the government is paving the way for a meaningful vote on Friday (MV3). Labour is looking to support an amendment to have another referendum. It is all very fluid.
The NZD pairs are leading way in the ranges and changes. The GBP has rebounded after being lower earlier.
In other markets, the snapshot is showingL
- spot gold, plus $1.35 or +0.11% at $1317.05
- WTI crude oil futures trading down $.31 or -0.52% at $59.63
- Bitcoin on Coinbase is of $107 and back above the $4000 level at $4019
In the pre-market for US equities, the futures are implying lower openings
- Dow industrial average -65.75 points
- S&P index -6.5 points
- NASDAQ index -9 points
In the European markets, the major indices are mixed:
- German DAX, -0.14%
- France's CAC, -0.14%
- UK's FTSE, -0.32%
- Spain's Ibex, +0.24%
- Italy's FTSE MIB, +0.10
In the US debt market yields are sharply lower with the shorter end leading the way at -7.0 bps
European benchmark 10 year yields are also lower, with Italy being the exception
