The NZDUSD opens at 0.7457 (mid-rate) this morning.
The NZDUSD traded down to 0.7400 ahead of last night’s Fonterra GDT dairy Auction before rebounding following disappointing U.S. data releases.
Fonterra's GDT Price Index dropped 10.8 percent, with an average selling price of $2,746 per tonne although volumes increased by 14.3% from the previous auction.
The USD lost ground against all its major trading partners following disappointing employment and manufacturing data releases.
The ADP Non-Farm Employment Change climbed by 189k in March following a slightly upwardly revised increase of 214k jobs in February but fell short of economists’ expectations of +230k, while the ISM Manufacturing PMI printed 51.5 below market expectations of 52.5.
Global equity markets are mixed - Dow -0.65%, Nikkei -0.90%, Shanghai +1.66%, FTSE +0.54% DAX +0.29%, CAC +0.57%.
Gold prices are back above $1200 up 1.8% to $1204.
Oil (WTI) gained 5% overnight currently trading at $49.98 a barrel.
The current indicative mid-rates are:
NZDUSD 0.7457
NZDEUR 0.6924
NZDGBP 0.5026
NZDJPY 89.20
NZDAUD 0.9801
NZDCAD 0.9401
Domestic data releases today:
13:00 – ANZ Commodity Prices m/m
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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