The NZDUSD opens at 0.6530 (mid-rate) this morning.
The NZD finds itself on the back foot following this morning’s Fonterra milk powder auction.
The GDT Price Index fell 9.3% with an average selling price of $1815 per tonne, this is down 10.7% from the previous sale and extends its consecutive fall to 10 auctions.
The NZD is currently down 2.5% against the AUD on a combination of yesterday’s Origin sell-down of its stake in Contact Energy and a less dovish RBA statement.
This morning’s employment data will be the key driver for the NZD today.
Global equity remain mixed - Dow -0.23%, S&P 500 -0.16%, FTSE -0.03%, DAX +0.11%, CAC -0.16%, Nikkei +0.03%, Shanghai +3.69%.
Gold prices are little changed at $1085 an ounce, WTI Crude Oil is up 1.5% at $45.85 a barrel.
NZDUSD 0.6530 -1.0%
NZDEUR 0.5994 -0.4%
NZDGBP 0.4195 -0.8%
NZDJPY 81.18 -0.7%
NZDAUD 0.8849 -2.4%
NZDCAD 0.8615 -0.7%
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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