The NZDUSD opens at 0.7696 (mid-rate) this morning.
The NZD continued to perform well on Friday trading as high as 0.7740 before encountering resistance. This morning the release of NZ’s Q1 CPI will be the main driver domestically ahead of Thursday’s RBNZ inflation report.
The weekends U.S. data releases were mixed, with March CPI edging up only 0.2% (expected +0.3%) the consumer sentiment index for April came in at 95.9 compared to the final March reading of 93.0. Economists had expected the index to edge up to 94.0.
Over the weekend the People’s Bank of China surprised the market by cutting their RRR for all banks by 1% and left the door open for interest rate cuts.
Global equity markets closed out the week sharply lower - Dow -1.54%, Nikkei -1.17%, Shanghai +2.20%, FTSE -0.93% DAX -2.58%, CAC -1.55%.
Gold prices closed out the week at $1204. Oil (WTI) lost 1.7% on Friday closing at $56.14.
The current indicative mid-rates are:
NZDUSD 0.7696
NZDEUR 0.7112
NZDGBP 0.5152
NZDJPY 91.45
NZDAUD 0.9832
NZDCAD 0.9405
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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