The NZDUSD opens at 0.6676 (mid-rate) this morning.
The NZD has continued to outperform all its major competitors climbing steadily throughout yesterday’s trading session, before an improved GDT auction combined with disappointing U.S. manufacturing data saw the NZDUSD push up to levels last seen in early November.
The Global dairy trade index climbed 3.6% with an average selling price of $2,419 per tonne, in last night’s auction, its first gain since the October 6th auction, but with volumes falling 6.3% from the previous auction the news was not all good.
Overnight U.S. data releases delivered mixed messages with construction spending climbing 1% in October (exp 0.6%) being overshadowed by a surprise drop in the U.S. manufacturing sector.
The purchasing managers index dropped to 48.6 in November from 50.1 in October, (a reading below 50 indicates contraction) the first contraction in manufacturing activity since November of 2012.
Global equity markets continue to deliver mixed results - Dow +0.73%, S&P 500 +0.74%, FTSE +0.62%, DAX -1.06%, CAC -0.87%, Nikkei +1.34%, Shanghai +0.32%.
Gold prices are little changed trading at $1064 an ounce, WTI Crude Oil is holding steady at $41.65 a barrel.
Current indicative rates:
NZDUSD 0.6676 1.4%
NZDEUR 0.6278 0.9%
NZDGBP 0.4427 1.2%
NZDJPY 82.01 1.3%
NZDAUD 0.9120 0.2%
NZDCAD 0.8928 1.6%
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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