The NZDUSD opens at 0.7810 (mid-rate) this morning.
After trading to a high of 0.7975 following the release of the Fed minutes on Wednesday the NZDUSD has dropped back to open the week at 0.7810.
The USD and JPY have continued to firm over the weekend , bolstered by safe-haven bids on worries about the health of the global economy with slow-downs evident in Europe, Japan, and China.
The market concerns over global growth has lead to the worst stock market drop of the year with both the Dow and the FTSE at 2014 lows.
On Friday the VIX Index (measures volatility) hit 22.2 intraday, its highest level since 2012
Global equity markets finished the week sharply lower - Dow -0.69%, Nikkei -1.15%, Shanghai -0.62%, FTSE -1.43%, DAX -2.40%, CAC -1.64%
Gold snapped a five-week losing streak but ran out of steam on Friday as the US dollar strengthened.Gold closed at $1222.99, Oil prices were down 4.4% on the week closing at $85.52 a barrel.
The current indicative mid-rates are:
NZDUSD 0.7810
NZDEUR 0.6175
NZDGBP 0.4860
NZDJPY 84.02
NZDAUD 0.8985
NZDCAD 0.8732
Today at 10:45 we have NZ’s Food Price Index data, and later this afternoon China’s Trade Balance.
No currencies can settle today as the US celebrate Columbus Day.
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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