The NZDUSD opens higher at 0.7780 this morning.
After making new 2014 lows in the previous session the NZD squeezed higher yesterday afternoon on the back of profit taking and board selling of the USD.
The Global Dairy Trade Auction, also helped stabilize things coming in reasonably neutral with prices decreasing by 0.3%.
At this stage we’re still looking for a lower Kiwi with recent lows again being tested over the next week
Global equity markets were mixed on the day – Dow +0.1%, Nikkei +2.7%, Shanghai +0.0%, FTSE-0.5%, DAX -1.0%
Gold prices gained 0.2% to USD$1,168. Oil prices plunged 2.0% on the day.
The current indicative mid-rates are:
NZDUSD 0.7780
NZDEUR 0.6195
NZDGBP 0.4860
NZDJPY 88.30
NZDAUD 0.8905
NZDCAD 0.8865
NZ Employment numbers will be released at 10:45am 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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