The NZDUSD opens at 0.7528 (mid-rate) this morning.
The NZDUSD traded as high as 0.7550 after the release of the latest Fonterra auction data. The GDT Price Index climbed 10.1 percent, with an average selling price of $3,366 per tonne but with volumes falling 18% from the previous auction (A total of 22,957 tonnes was sold) the NZDUSD quickly retreated back to 0.7520.
There was a report out of Europe last night that Greece will ask for a six-month bailout extension giving hope to the market that a deal will be struck and Greece will continue to have access to ECB liquidity.
German economic confidence rose for the fourth consecutive month to a one-year high in February, The economic sentiment index rose to 53 from 48.4 in January (This was the highest score since February 2014).
On the back of falling fuel and food prices UK CPI fell to a record low of 0.3% in January from 0.5% in December.
Global equity markets remain mixed - Dow -0.05%, Nikkei -0.10%, Shanghai +0.76%, FTSE +0.60% DAX -0.25%, CAC +0.04%.
Gold prices have fallen sharply currently trading at $1206 (-$24), Oil prices are trading down 2% at $52.52 a barrel.
The current indicative mid-rates are:
NZDUSD 0.7528
NZDEUR 0.6594
NZDGBP 0.4899
NZDJPY 89.67
NZDAUD 0.9627
NZDCAD 0.9331
There are no domestic data releases 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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