The NZDUSD opens at 0.6860 (mid-rate) this morning.
A combination of broad USD weakness and rising commodity prices has seen the NZDUSD climb steadily over the past 24hrs.
Oil prices are up more than 1.5% over the past 24hrs as a rally in wider commodities markets encouraged buying ahead of a meeting of oil producers in Doha next Sunday, aimed at freezing current output levels.
Once again there is very little on the data front during our trading session while overnight we have final Euro-zone CPI, and US small business sentiment, terms of trade.
Global equity markets remain mixed - Dow +0.53%, S&P 500 +0.25%, FTSE -0.07%, DAX +0.63%, CAC +0.22%, Nikkei -0.44%, Shanghai +1.64%.
Gold prices have continued to push higher currently trading at $1256 (+1.2%) an ounce, WTI Crude Oil has moved back above $40 a barrel currently up 1.8% at $40.43 a barrel.
Current indicative rates:
NZDUSD 0.6860 0.7%
NZDEUR 0.6012 0.8%
NZDGBP 0.4820 -0.1%
NZDJPY 74.05 0.
NZDAUD 0.9028 0.1%
NZDCAD 0.8845 0.1%
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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