The NZDUSD opens higher at 0.8490 this morning.
The NZDUSD rallied to a 9-day high of 0.8510 overnight, as better-than-expected NZ Q2 retail sales figures and a weaker USD helped to push up the NZD across the board.
The USD was under pressure due to slightly worse than anticipated US weekly jobless claims numbers. However, the USD got a subsequent boost by solid gains in the US equity markets and by easing of tensions in the Middle East and Ukraine.
The Euro zone economies are hovering close to recessionary growth levels once again as their GDP numbers came in flat for Q2, while Germany’s Q2 GDP figures fell 0.2%. The euro-zone still has a long way to recover.
Global equity markets were mostly higher on the day – Dow +0.4%, Nikkei +0.4%, Shanghai -1.0%, FTSE+0.4%, DAX +0.3%Gold prices increased 0.1% to USD$1313. Oil prices gained -2.2%.
The current indicative mid-rates are:
NZDUSD 0.8490
NZDEUR 0.6350
NZDGBP 0.5090
NZDJPY 87.00
NZDAUD 0.9110
NZDCAD 0.9260
There is no data on the domestic calendar today.
There is a lot of US data scheduled tonight, including PPI, Manufacturing data, Industrial Production, Consumer Sentiment, amongst others.
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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