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All quiet on the global front ahead of UK General Election on Thursday

NZD - New Zealand Dollar

It was a quiet day on global markets as both currency and equities saw little movement as investors prepare for holiday mode. The New Zealand Dollar opened at 0.6570 and saw no more than a 20-point range for the day as the main risk event of US-China trade war negotiations saw no updates on the day.

A stronger number for Manufacturing Sales for the September quarter did little to boost the local currency. A rise in transport, machinery and metal products outweighed a large drop in in volume of meat and dairy products. Seeing a rise of 0.9% for the quarter was a step in positive fashion following a drop in the previous reading of -0.7%.

The New Zealand dollar opens this morning at 0.6552. We expect support levels to hold on moves approaching the 65 US cent handle, while any upward push will likely meet resistance at 0.6580.

Key Movers

Markets were relatively unchanged despite some major risk events on the horizon this week. Trade sensitive currencies are waiting on the sidelines for December 15th tariff hike decisions with expectations of a delay likely. The US Dollar Index (DXY) which measures a basket of currencies against the worlds most traded currency was relatively unchanged as Chinese CPI and PPI figures looms to be the main piece of data release likely to move markets on Tuesday.

The Great British Pound continued its bullish run as the market mover overnight in the lead up to the UK General Election on Thursday. Polling is currently showing a Tory majority which suggests further upside for the Sterling as cable reached a six-month high overnight of 1.3180. A number of data releases are scheduled overnight in the UK including monthly GDP figures.

Expected Ranges

NZD/USD: 0.6500 - 0.6580 ▼

NZD/AUD: 0.9550 - 0.9620 ▼

GBP/NZD: 1.9900 - 2.0300 ▲

NZD/EUR: 0.5900 - 0.5950 ▼

NZD/CAD: 0.8620 - 0.8700 ▼