The NZDUSD opens at 0.6344 (mid-rate) this morning.
The NZD is little changed from yesterday’s open having traded back below 0.6300 yesterday afternoon.
Overnight the Euro-zone economic confidence data surprised to the upside rising to 105.6 in September from a revised 104.1 in August it is now sitting at its highest level since June 2011.
Once again the U.S data releases sent mixed messages to the market with more disappointing housing data countered by stronger than expected consumer confidence.
Home prices in major U.S. metropolitan areas unexpectedly decreased in the month of July by 0.2% while Septembers consumer confidence climbed to 103 in September from 101.3 in August.
Today’s direction for the NZD should be dictated by this afternoons confidence data (August printed -29.1) while tonight all eyes will be focused on the U.S. ADP Non-Farm Employment Change data release.
Global equity markets are mixed - Dow +0.37%, S&P 500 +0.31%, FTSE -0.83%, DAX -0.35%, CAC -0.31%, Nikkei -1.05%, Shanghai -2.02%.
Gold prices are down $5 at $1128 an ounce, WTI Crude Oil has gained 2% over the past 24hrs currently trading at $45.77 a barrel.
Upcoming Data releases:
09:45 - Building Consents m/m
12:00 - ANZ Business Confidence
Indicative mid-rate pricing:
NZDUSD 0.6344 0.2%
NZDEUR 0.5646 0.2%
NZDGBP 0.4183 0.3%
NZDJPY 75.99 0.2%
NZDAUD 0.9077 0.3%
NZDCAD 0.8516 0.6%
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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