The NZDUSD opens at 0.6625 (mid-rate) this morning.
The NZD underperformed on Friday losing ground against all its major trading partners, with better than expected U.S. retail sales data and a spike in Oil prices boosting global risk appetite.
A stronger than expected retail sales data release for January 0.2% vs. exp 0.1% along with comments from New York Federal Reserve President William Dudley stating that the U.S. economy is well placed to withstand the global slowdown boosted the USD and U.S equity markets into Friday’s close.
Oil surged higher following comments late on Thursday from a U.A.E. energy minister saying OPEC members were "ready to cooperate" with exporters over output reductions. Oil prices which had been trading at $26.05 (13yr lows) surged 12.3% on the day to close out the week at $29.44 a barrel.
European and U.S equity markets closed out the week sharply higher - Dow +2.0%, S&P 500 +1.95%, FTSE +3.08%, DAX +2.45%, CAC +2.52%, Nikkei -4.84%, Shanghai Closed.
Gold prices gained 7% over the course of the week closing on Friday at $1238 an ounce, WTI Crude Oil surged 12% on Friday but still lost 4.7% for the week closing $29.44 a barrel.
Current indicative rates:
NZDUSD 0.6625 -0.9%
NZDEUR 0.5895 0.0%
NZDGBP 0.4565 -1.4%
NZDJPY 75.00 0.1%
NZDAUD 0.9320 -1.1%
NZDCAD 0.9175 -1.7%
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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