The NZDUSD opens at 0.6326 (mid-rate) this morning.
In the absence of any notable data releases the NZD has traded sideways overnight having squeezed slightly higher during our trading session yesterday.
Investors appear happy to sit on the sidelines, but will be monitoring the U.S. retail sales, industrial production and consumer prices data releases ahead of Fridays FOMC before finalising their views on when the Fed will hike rates.
Overnight, tonight Fonterra’s GDT Price Index release should dictate direction for the NZD.
Global equity markets are broadly lower - Dow -0.42%, S&P 500 -0.51%, FTSE -0.54%, DAX +0.08%, CAC -0.67%, Nikkei -1.63%, Shanghai -2.67%.
Gold prices are little changed at $1108 an ounce, WTI Crude Oil has lost 1.2% over the past 24hrs currently trading at $44.10 a barrel.
Indicative mid rates:
NZDUSD 0.6326 0.3%
NZDEUR 0.5594 0.5%
NZDGBP 0.4101 0.2%
NZDJPY 76.01 -0.1%
NZDAUD 0.8872 -0.5%
NZDCAD 0.8394 0.2%
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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