The NZDUSD opens at 0.7320 this morning.
After last week’s volatility we saw relatively small trading ranges over the weekend.
A lack of major event risk meant it was USD strength that dominated things and accounted for most of the movement.
The EUR continues to remain the out of favour currency with NZD/EUR again trading to all time highs but failing just short of 0.7000.
Oil was the other note worthy mover over the weekend trading down -4.7% on the back of the IEA’s monthly report.
Global equity markets mixed on the day – Dow +0.8%, Nikkei +1.4%, Hang Seng -0.1% FTSE+0.0%, DAX +0.9%
Gold prices finished up 0.5% at USD$1,158. Oil finished -4.7%at $44.84
The current indicative mid-rates are:
NZDUSD 0.7320
NZDEUR 0.6995
NZDGBP 0.4970
NZDJPY 88.90
NZDAUD 0.9600
NZDCAD 0.9370
This week:
Global Dairy Trade Auction Wednesday morning
US FOMC Meeting Thursday 7:00am
NZ GDP Thursday 10:45am
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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