The NZDUSD opens at 0.6768 (mid-rate) this morning.
The NZD along with all other commodity-linked currencies has continued to slide as commodity prices react to China’s disappointing trade data report.
The NZD traded sideways during our trading session yesterday but as European investors reviewed the weekend’s China trade data which showed a year-on-year fall in both imports (-1.8%) and exports (-10.9%), commodity prices and by default commodity-linked currencies fell sharply.
Overnight Germany's factory orders for the month of March increased at their fastest pace in nine months. The data release showed new orders in manufacturing rose 1.9% reversing an upwardly revised 0.8% fall in February.
The highlight for our trading day will be China’s CPI y/y and PPI y/y data release due to hit the tapes at 13:30.
Global equity markets remain mixed - Dow -0.06%, S&P 500 +0.18%, FTSE -0.18%, DAX +1.12%, CAC +0.50%, Nikkei +0.68%, Shanghai -2.79%.
Gold prices have lost almost 2% overnight currently trading at $1263 an ounce, WTI Crude Oil is down 2.8% currently trading at $43.42 a barrel.
Current indicative rates:
NZDUSD 0.6768 -0.8%
NZDEUR 0.5945 -0.8%
NZDGBP 0.4698 -0.6%
NZDJPY 73.35 0.3%
NZDAUD 0.9258 -0.2%
NZDCAD 0.8777 -0.7%
Upcoming Data releases (NZST):
-
13:30 CNY CPI y/y
CNY PPI y/y
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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