The NZDUSD opens at 0.6743 (mid-rate) this morning.
The Global Dairy Trade (GDT) Price Index was 3.1% lower from two weeks ago. The average Price was USD 2,735. The NZD started falling 2 hours before the release and continued after, however the AUD remained unchanged against its major trading partners, but gained 0.7% against the kiwi.
The RBA’s meeting Minutes from the 6th October were released yesterday. The RBA left the cash rate unchanged at the record low 2.0% for the fifth straight month. The bank had lowered the rates by 25 basis points each in February and May.
The US housing starts rose more than expected in the month of September. Housing starts climbed 6.5% from August, while building permits fell 5.0%. Building permits, an indicator of future housing demand, had been expected to come in unchanged compared to the 1.170 million originally reported for the previous month.
Eurozone's current account surplus decreased sharply in August. The current accounts surplus declined to an unadjusted EUR 17.7 billion from EUR 25.6 billion in July. A year ago, the surplus was EUR 17.4 billion.
Germany's producer prices declined 2.1%, the fastest pace in seven months, and the fall was much worse than the decrease economists 1.8% prediction.
Swiss Trade Balance was 3.05 Billion much better than the market expectation of 2.51 Billion.
US Fed Chair Yellen honoured two public servants in a speech at the US Department of Labour. There was no mention of currency or the Fed cash rate.
Global equity markets are broadly lower with China and Japan the exception : Dow -0.08%, S&P 500 -0.25%, FTSE -0.11%, DAX -0.16%, CAC -0.64%, Nikkei +0.42%, Hang Seng -0.37% Shanghai +1.14%.
Gold prices are up 0.33% at $1175 an ounce, WTI Crude Oil is down 1.6% at $45.40 a barrel.
Indicative mid-rate pricing:
NZDUSD 0.6743 -0.7%
NZDEUR 0.5948 -0.7%
NZDGBP 0.4366 -0.5%
NZDJPY 80.85 -0.3%
NZDAUD 0.9294 -0.7%
NZDCAD 0.8752 -1.0%
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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