The NZDUSD opens at 0.6530 (mid-rate) this morning.
The NZD has given up most of the gains it made following yesterday afternoons better than expected China trade balance.
China's trade surplus rose to $594.5b in December exceeding economists’ forecasts of a $51.3b surplus. The report showed exports fell 1.4% y/y in December well short of the expected 8% decline, while imports slid 7.6%, also slower than the expected decrease of 11%.
Elsewhere Euro-Zone industrial production m/m for November decreased by 0.7%, from October, its largest decline in 15months. Economists had expected a 0.3% fall in production following a previous estimate of 0.6% growth.
In the absence of any onshore data releases investors will turn their attention to Australia’s employment report due to be released at 13:30, while overnight the BOE release their monthly monetary policy statement.
Global equity markets remain mixed - Dow -1.66%, S&P 500 -1.75%, FTSE +0.54%, DAX -0.25%, CAC +0.30%, Nikkei +2.88, Shanghai -2.42%.
Gold prices are currently up $4 at $1090 an ounce, WTI Crude Oil is still holding above $30 a barrel currently up 0.2% at $30.45 a barrel.
Current indicative rates:
NZDUSD 0.6530 -0.1%
NZDEUR 0.6010 -0.2%
NZDGBP 0.4516 -0.3%
NZDJPY 76.95 0.1%
NZDAUD 0.9380 0.2%
NZDCAD 0.9362 0.3%
Upcoming Data releases (NZST):
- 13:30 - AU unemployment
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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1 Comments
'The report showed exports fell 1.4% y/y in December well short of the expected 8% decline, while imports slid 7.6%, also slower than the expected decrease of 11%.'
'Elsewhere Euro-Zone industrial production m/m for November decreased by 0.7%, from October, its largest decline in 15months.'
No wonder oil is down to around $30 a barrel (Brent $30.12) and 'nobody' is making any money.
Shanghai down again, 2.42% yesterday.
1987, 1997, 2001, 2008,.... 2016?.
.
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