The NZDUSD opens at 0.7050 (mid-rate) this morning.
The NZD has been the best performing currency over the past 24hrs with the NZDUSD rate breaking up through 0.7000. The NZD continues to benefit from rising commodity prices.
This morning’s global dairy trade auction rose for a second consecutive time, gaining 3.8% from the previous auction 2 weeks ago. The majority of the gain came from a 7.5% rise in milk powder prices achieving an average price of $2,263 per tonne.
Last night’s German economic confidence increased by more than expected rising to 11.2 from 4.3 in March, economists had expected the index to rise to 8.2.
Oil prices find themselves back above $40 a barrel helped by an ongoing strike by Kuwaiti energy workers.
Global equity markets are broadly higher - Dow +0.21%, S&P 500 +0.15%, FTSE +0.82%, DAX +2.27%, CAC +1.32%, Nikkei +3.68%, Shanghai +0.30%.
Gold prices have gained 1.5% over the past 24hrs currently trading $1252 an ounce, WTI Crude Oil has rebounded strongly currently up 3.5% at $41.07 a barrel.
Current indicative rates:
NZDUSD 0.7050 1.5%
NZDEUR 0.6200 0.9%
NZDGBP 0.4895 0.6%
NZDJPY 76.95 1.9%
NZDAUD 0.9017 0.6%
NZDCAD 0.8925 0.4%
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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