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Kiwi Drifts Lower in Quiet Trading

Published May 28, 2019

The Kiwi Dollar opens slightly lower this morning in quiet trading with holidays in both the U.S and UK overnight. The same themes remain with the market waiting for further developments in the U.S – China trade war, and U.S GDP and Consumption data due later this week. Nothing of note on the local front today with the next data being tomorrows ANZ business confidence survey result, the first since the Government scrapped plans for a capital gains tax.

GBP Lower After European Parliamentary Elections

The Pound lost ground yesterday as results from the European parliamentary elections saw Nigel Farage’s Brexit Party top the vote with 32%. The Conservative’s recorded less than 10%, suggesting that voters want Brexit to go ahead. Although parties supporting a second referendum received over 40% of the combined vote. It all points to the GBP remaining volatile in the coming weeks, with no clear end to the political circus looking close.