The NZDUSD opens at 0.8437 this morning.
The NZD traded as low as 0.8407 (a two-month low) yesterday after the release of our REINZ HPI data (-0.7m/m), before once again recovering to close above its 200dma.
The big news overnight came out of Germany when the ZEW survey showed both the current situation and expectations indexes deteriorating in August, while the overall index fell for an eighth consecutive month, to 8.6, its lowest since December 2012 and well below forecasts.
Global equity markets were lower overnight – Dow -0.08%, Nikkei +0.02%, Shanghai -0.14%, FTSE-0.01%, S&P -0.16%
Gold prices edged higher up 0.1% at USD$1309. Oil prices fell -0.77%.
The current indicative mid-rates are:
NZDUSD 0.8437
NZDEUR 0.6308
NZDGBP 0.5018
NZDJPY 86.29
NZDAUD 0.9097
NZDCAD 0.9215
There is no data scheduled on the domestic calendar today.
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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