The NZDUSD opens at 0.6593 (mid-rate) this morning.
The NZD has had a subdued start to the week as investors await this week’s major data releases, starting with tonight’s Fonterra dairy auction for further direction.
The overnight U.S. economic data releases were mixed and have had little effect on the dollar.
While Personal income in the U.S. increased by slightly more than expected in the month of June, the U.S. manufacturing sector slipped back from June’s 53.5 to 52.7 (exp 53.7) for the month of July.
The UK and Euro-zone Manufacturing PMI data releases printed slightly better than economists estimates with the UK index rising to 51.9 in July from a 26 month low of 51.4 in June, and the Euro-zone July release coming in at 52.4 (exp 52.2).
Global equity have started the week mixed - Dow -0.91%, S&P 500 -0.62%, FTSE -0.11%, DAX +1.19%, CAC +1.47%, Nikkei -0.18%, Shanghai -1.11%.
Gold prices have started the month poorly down $10 at $1085 an ounce, WTI Crude Oil is currently down 4% $45.20 a barrel, amid renewed concerns about demand from China.
NZDUSD 0.6593 0.1%
NZDEUR 0.6020 0.1%
NZDGBP 0.4230 0.2%
NZDJPY 81.72 0.0%
NZDAUD 0.9070 0.6%
NZDCAD 0.8672 0.3%
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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