The NZDUSD opens at 0.6940 this morning.
Strength in the USD overnight has seen the NZD drop to 5yr lows against the greenback. NZD has now lost 11pc since May as investors foresee further rate cuts.
NZD has also lost further ground against the EUR as it now hits monthly lows following Greece’s proposals for a deal to keep them part of the Euro.
This new proposal from Greece is seen as a positive step towards avoiding a ‘Grexit’ and the Eurogroup hope to have results by Wednesday and submitted on Thursday.
China’s manufacturing sector remains in contraction after posting a preliminary score of 49.6. This is still an improvement from a previous 49.2
Global equity markets on the day saw; Dow +01%, Nikkei +1.9%, FTSE +0.1% and DAX 0.7%.
Gold prices currently at USD$1,176.20, Oil sitting at a +1.3%, $61.22.
The current indicative mid-rates are:
NZDUSD 0.6855
NZDEUR 0.6135
NZDGBP 0.4360
NZDJPY 84.85
NZDAUD 0.8855
NZDCAD 0.8450
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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