US resolves debt ceiling issue; durable goods orders soft; US service sector slows; Indonesia to join TPP; UST 10yr yield 2.02%; oil price falls; NZ$1 = 67.8 US¢, TWI-5 = 72.7

Here’s my summary of the key events overnight that affect New Zealand, with news that ahead of tomorrow’s Fed, RBNZ and Friday’s BofJ rate decisions, political peace seems to have broken out in Washington.

Congress seems to have agreed to extend their debt ceiling and the President has agreed to submit a lower spending plan. This stress point may have passed – until the ceiling is reached again.

American durable goods orders were soft in September although not quite as soft as markets were expecting. And that softness has flowed through to their October services PMIs. Although their service sector is still expanding fast, the growth is definitely slowing. This data comes after factory data showed a rebound in October. Both indexes are at 54 indicating healthy expansion, but one rising, one falling.

And, hard on the heals of China saying unofficially that it would like to join the TPP, today we hear that Indonesia has also committed to join.

And, yesterday we noted a new way Chinese investors can get zero-deposit mortgages for Australian apartments; today there are reports revealing how cash is leaking through China’s borders. China’s newly-wealthy people don’t seem to want to keep their money at home.

In New York, the UST 10yr yield benchmark slipped again and is now at 2.02%.

The US benchmark oil price is also lower again at just under US$43/barrel, with the Brent benchmark under US$47/barrel. The world is awash in oil made worse by significantly improving energy intensity. And that is true even in China, where economic growth is still running at close to +7% but heavy rail use, as an example, is falling at more than -10%. In the US, truck freight is getting an efficiency-jolt by Uber-like apps for owner-operators. The situation has changed so much that the US is actually planning to sell down its now unnecessary strategic oil reserves.

The gold price is soft as well at US$1,165/oz.

The New Zealand dollar starts today basically unchanged from this time yesterday at 67.8 US¢, but higher against the Aussie at 94.2 AU¢, and unchanged against the euro at 61.4 euro cents. The TWI-5 is stable at 72.7.

If you want to catch up with all the local changes yesterday, we have an update here.

The easiest place to stay up with event risk today is by following our Economic Calendar here »

Daily exchange rates

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for(i=0;i

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