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NZD Up on the Pound as Brexit Deadline Nears

Published October 23, 2019

The New Zealand dollar holds above .6400 against the USD and made gains against the British pound on Brexit worries.

Canadian Trudeau Wins the Election

Canadian Prime Minister Justin Trudeau has won a second term in Canada’s elections, however only securing a minority government leaving them in need of support from left-leaning parties that are opposed to new oil pipelines. Markets reacted relatively muted as the economy performed strongly under Trudeau’s first term, but a minority government could make building of new oil pipelines more difficult which has left investors cautious.

Retail sales in Canada disappointed in September falling by .5% from the prior month and sending the CAD lower.

Brexit Continues

Markets welcomed news that MPs support British Prime Minster Boris Johnsons’s deal by a vote of 399 to 299. The pound has since weakened after British lawmakers rejected the move to fast track passing legislation through parliament by the end of the month. MPs said they need more time to consider any amendments and the deal. Johnson has said it is now up to the EU to decide whether it wanted to delay Brexit and for how long.

Locally we have NZ trade balance at 10.45am this morning which is unlikely to impact markets.

 

Rees Logan, Adam Nikitins and Stewart McCallum were appointed Joint and Several Voluntary Administrators of EncoreFX (NZ) Limited on 30 March 2020. Adam Nikitins and Stewart McCallum were appointed Joint and Several Voluntary Administrators of EncoreFX (Australia) Pty Ltd on 30 March 2020. Any queries regarding the Administrations should be directed to restructuring@nz.ey.com.