The NZDUSD opens at 0.7515 this morning.
The NZDUSD pushed above 0.7550 yesterday after the US Federal Reserve policy meeting showed concern about raising interest rates too soon. However, the upwards momentum was not sustained.
The EUR (& NZD) weakened and USD strengthened after Germany rejected a new proposal from Greece for an extension of its bailout program, saying it fell short of the conditions set by the euro-zone members. However, the market believes there is only a small chance of Greece failing to come to an agreement to secure a financial lifeline.
Oil price dipped as inventories soared, while other US data was mixed.
Global equity markets were mixed on the day – Dow -0.3%, Nikkei +0.4%, Shanghai +0.7%, FTSE-0.1%, DAX +0.4%
Gold prices dropped to USD$1,208. Oil prices (Brent) fell 1.2% to USD$59.80 per barrel.
The current indicative mid-rates are:
NZDUSD 0.7515
NZDEUR 0.6615
NZDGBP 0.4875
NZDJPY 89.40
NZDAUD 0.9655
NZDCAD 0.9395
There is no data on the domestic calendar today.
Manufacturing data from the Euro-zone and US hit the tapes 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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