The NZDUSD opens at 0.7530 (mid-rate) this morning.
The NZD continued to lose ground against the US despite a disappointing US ISM Manufacturing Report, after the Fed’s Mester and Williams indicated that a June rate hike has not been ruled out.
The ISM said its purchasing managers index came in at 51.5 in April below the market expectations of 52.0.
We have a busy week ahead with data releases starting this afternoon with China manufacturing PMI, the RBA rate Statement tomorrow, Wednesday’s Fonterra auction followed by NZ employment data, and the all important U.S. non-farm-payrolls printing at the end of the week.
The FTSE and Dow closed higher on Friday - Dow +1.03%, Nikkei +0.06%, Shanghai -0.78%, FTSE +0.36%, DAX Closed, CAC Closed.
Gold prices closed out the week down $6 at $1,178.
Oil (WTI) lost 0.8% on Friday closing at $59.15
The current indicative mid-rates are:
NZDUSD 0.7530
NZDEUR 0.6725
NZDGBP 0.4975
NZDJPY 90.40
NZDAUD 0.9510
NZDCAD 0.9150
Domestic data releases today
13:00 - ANZ Commodity Prices m/m
13:45 - CNY HSBC Final Manufacturing PMI
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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