The NZDUSD opens higher at 0.8460 this morning.
The USD lost ground overnight after essentially flat July US retail sales data pointed to a somewhat uneven economic recovery. Weak auto sales were a significant contributor to the disappointing retail figures. This pushed the NZDUSD to a 0.8475 high.
Euro zone industrial production data dropped 0.3% in June, compared with expectations of +0.5%, after a 1.1% fall in May. All is far from rosy there!
The GBP weakened after the Bank of England surprised the markets when it indicated it was in no hurry to raise interest rates due to lackluster wage growth.
Signs of easing of tensions in Iraq and Ukraine helped boost global equity markets.
Global equity markets were higher on the day – Dow +0.6%, Nikkei +0.4%, Shanghai +0.1%, FTSE+0.4%, DAX +1.4%
Gold prices increased 0.2% to USD$1311. Oil prices gained +1.0%.
The current indicative mid-rates are:
NZDUSD 0.8460
NZDEUR 0.6330
NZDGBP 0.5065
NZDJPY 86.65
NZDAUD 0.9090
NZDCAD 0.9235
Business NZ Manufacturing Index and Retail Sales number will be released this morning.
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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