The NZDUSD opens at 0.6935 this morning.
Yesterday the Kiwi came under pressure off the back of worse than expected Q1 GDP data and the market starting to price in another interest rate cut from the RBNZ in July.
Support remains below 0.6900 with the NZD still looking heavy at this stage.
The AUD out performed on the session, partly off the back of NZD weakness and is currently testing resistance at 0.7800.
Elsewhere minor US data had little on the markets.
Global equity markets largely mixed on the day + Dow +1.10%, Nikkei -1.13%, Hang Seng -0.2% FTSE+0.4%, DAX +1.11%.
Gold prices currently -0.01% at USD$1,202. Oil sitting down -0.1% at $60.38.
The current indicative mid-rates are:
NZDUSD 0.6935
NZDEUR 0.6105
NZDGBP 0.4365
NZDJPY 88.65
NZDAUD 0.8895
NZDCAD 0.8480
Nothing of note on the session.
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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