The NZDUSD opens at 0.7137 (mid-rate) this morning.
The NZD has lost ground against all its competitors overnight with the EUR especially, continuing to out perform.
There were mixed results from last night’s U.S data releases, with the good news coming in release of the ADP employment data showing the private sector added 201k jobs in May ahead of market estimates of 198k and the U.S trade deficit narrowing to $40.9bil in April from a revised $50.6bil in March, while the ISM non-manufacturing index disappointed dropping to 55.7 in May after climbing to a five-month high of 57.8 in April.
The EUR pushed higher after Draghi unveiled the latest ECB staff macro economic projections. The inflation projection for 2015 was lifted to 0.3% from zero seen in March, while the forecasts for 2016, and 2017 were maintained at 1.5% and 1.8%, respectively.
Global equity markets are mixed - Dow +0.45%, Nikkei -0.34%, Shanghai -0.01%,FTSE +0.32%, DAX +0.80%, CAC +0.59%
Gold prices are down $7 overnight currently trading at $1185, Oil (WTI) has also fallen back below $60.00 to $59.65 (-2.6%)
The current indicative mid-rates are:
NZDUSD 0.7137
NZDEUR 0.6641
NZDGBP 0.4660
NZDJPY 88.75
NZDAUD 0.9180
NZDCAD 0.8890
There are no domestic data releases 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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