The NZDUSD opens at 0.6605 (mid-rate) this morning.
The NZDUSD has managed to push back above 0.6600 on the back of broad USD weakness brought about by Friday’s weaker than expected employment data.
The non-farm-employment slowed for the second consecutive month in July rising by 215k jobs with economists expecting an increase of 223k jobs. The report also showed an upwardly revised increase of 231k jobs in June and 260k jobs in May, while the unemployment rate remained at 5.3% (a seven year low).
The weekend's Chinese data releases also failed to meet economists estimates with their trade balance printing slightly lower than expected. Exports y/y to July fell 8.3% (-1.5% expected) while imports fell 8.1% (-8.0% expected). CPI y/y to July was 1.6%, compared to 1.5% expected and 1.4% in June.
Global equity markets closed out the week mixed - Dow -0.27%, S&P 500 -0.29%, FTSE +0.00%, DAX -0.81%, CAC +0.83%, Nikkei +0.29%, Shanghai +0.72%.
Gold prices gained +$4 following Friday’s jobs data closing at $1092.50, WTI Crude Oil shed -6.9% on the week to close at a four month low of $43.87 a barrel.
NZDUSD 0.6605 0.8%
NZDEUR 0.6020 0.4%
NZDGBP 0.4262 1.0%
NZDJPY 82.05 0.4%
NZDAUD 0.8915 0.1%
NZDCAD 0.8670 0.9%
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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