The NZDUSD opens at 0.6835 (mid-rate) this morning.
The NZD has started the week on the back foot losing ground against all its major trading partners after outperforming last week.
With little in the way of data releases overnight, the NZD fall seems to be a combination of softening commodity prices and posturing ahead of tonight’s global dairy trade auction.
This afternoon the RBA cash rate decision should see the NZDAUD cross rate push back above 0.9000 with the RBA Gov Stevens expected to express concern over the strength of the Australian dollar.
Global equity markets remain mixed - Dow -0.30%, S&P 500 -0.30%, FTSE +0.30%, DAX +0.28%, CAC +0.53%, Nikkei -0.25%, Shanghai Closed.
Gold prices have slipped further currently trading at $1215 (-0.6%) an ounce, WTI Crude Oil continues to fall losing another 2.7% over the past 24hrs, currently trading at $35.80 a barrel.
Current indicative rates:
NZDUSD 0.6835 -0.8%
NZDEUR 0.6000 -0.7%
NZDGBP 0.4793 -1.0%
NZDJPY 76.10 -0.9%
NZDAUD 0.8993 0.1%
NZDCAD 0.8945 -0.4%
Upcoming Data releases (NZST):
- 13:00 - ANZ Commodity Prices m/m
- 16:30 – RBA Rate Statement
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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