The NZDUSD opens at 0.7191 (mid-rate) this morning.
The NZD along with other commodity linked currencies has pushed higher overnight on the back of soaring oil prices and concerns that the Federal Reserve could express concerns over the US dollar Index’s recent gains.
Overnight crude oil futures spiked higher, at one point up by 6.5% at $54.50 a barrel before settling back towards $53.00. The move came on the back of comments from a top Saudi official who was quoted as saying OPEC “will do whatever it takes to stabilize oil prices”
The British Pound has been the best performing currency over the past 24hrs with investors anticipating a stronger than previously thought CPI data release out of the UK. With the CPI data release tonight now expected to improve to 1.1% up from 0.9%, many economists are now predicting that the BOE could raise interest rates early next year.
This morning’s NZ manufacturing sales data release is likely to be overshadowed by China’s industrial production report due out at 3:00pm this afternoon.
Global equity markets are mixed - Dow +0.09%, S&P 500 -0.26%, FTSE -0.92%, DAX -0.12%, CAC -0.07%, Nikkei +0.84%, Shanghai -2.47%.
Gold prices have edged higher overnight currently up 0.5% at $1,163 an ounce WTI Crude Oil continues to soar currently up 3.3% at $53.19 a barrel.
Current indicative rates:
NZDUSD 0.7191 0.7%
NZDEUR 0.6758 0.0%
NZDGBP 0.5668 -0.1%
NZDJPY 82.72 0.6%
NZDAUD 0.9595 0.3%
NZDCAD 0.9442 0.8%
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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