The NZDUSD opens at 0.6550 (mid-rate) this morning.
The NZDUSD remains in a broad, choppy trading range initially trading as low as 0.6500 on the back of Reserve Banks Governor Wheeler’s opening comments before rallying to 0.6580 late yesterday afternoon.
It was another quiet night for currency markets with the U.S. markets closed for Veterans Day.
Overnight the release of the UK employment data has seen the British Pound out-perform all its competitors. The report showed the unemployment rate fell to its lowest level since 2008 with employment rising to a record high in the third quarter.
Economists had expected the jobless rate to fall from 5.6% in the previous quarter to 5.4% in the September quarter but with the report showing unemployment dropping to 5.3% and consequently employment rising to 73.7% in the three months to September (the highest level seen since records began in 1971) the Pound rallied strongly.
Global equity markets are slightly higher- Dow +0.02%, S&P 500 +0.13%, FTSE +0.35%, DAX +0.70%, CAC +0.82%, Nikkei +0.10%, Shanghai +0.27%.
Indicative mid-rate pricing:
NZDUSD 0.6550 0.2%
NZDEUR 0.6105 0.0%
NZDGBP 0.4308 -0.4%
NZDJPY 80.50 0.1%
NZDAUD 0.9285 -0.1%
NZDCAD 0.8697 0.1%
Domestic data releases today
10:30 - Business NZ Manufacturing Index
10:45 - FPI m/m
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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