The NZDUSD opens at 0.8760 this morning.
The USD weakened across the board as US bond yields fell overnight and trading resumed after their Independence Day holiday long weekend.
This helped the NZDUSD bounce off the 0.8715 support level and move back towards the recent highs.
German Industrial Production fell 1.8% in May - this is the biggest drop in more than 2-years. This has helped to increase expectations the European Central Bank will loosen monetary policy further in the coming months.
NZIER quarterly survey of business confidence will be released at 10am.
Global equity markets were lower on the day - Dow -0.3%, Nikkei -0.4%, Shanghai -0.1%, FTSE -0.6%, DAX -1.0%
Gold prices were steady at USD$1319. Oil prices fell 0.6%.
The current indicative mid-rates are:
NZDUSD 0.8760
NZDEUR 0.6435
NZDGBP 0.5115
NZDJPY 89.25
NZDAUD 0.9345
NZDCAD 0.9355
NZIER Business Confidence figures will be released at 10:00am.
Australian NAB Business Confidence hits the tapes at 1:30pm.
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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