The NZDUSD opens at 0.7209 (mid-rate) this morning.
The NZD along with the AUD have pushed higher against all the majors over the past 24hrs.
US economic data releases exceeded economist’s estimates with both CPI and Retails Sales for the month of January printing significantly higher than forecast. Consumer prices recorded their largest increase in nearly four years spiking 0.6% (exp 0.3%) following December’s 0.3% increase, rising energy and food prices were the main drivers. January’s Retail Sales increased by 0.4% (exp0.2%) with December’s result upwardly revised to 1% from the previously reported 0.6% increase.
The GBP has lost ground following disappointing wage-growth data.The December quarter average earnings index rose 2.6% y/y after posting a 2.8% gain in the previous quarter. The index had been expected to show a 2.8% gain.
Today in the absence of any local data releases investors will focus on Australia’s monthly employment report and the Fed’s Dudley speech this afternoon.
Global equity markets have pushed higher- Dow +0.40%, S&P 500 +0.14%, FTSE +0.47%, DAX 0.19%, CAC +0.69%, Nikkei +1.03%, Shanghai -0.15%.
Gold prices have edged higher up 0.6% trading at $1,231 an ounce, WTI Crude Oil is little changed trading at $53.05 a barrel.
Current indicative rates:
NZDUSD 0.7209 0.7%
NZDEUR 0.6808 0.6%
NZDGBP 0.5791 0.9%
NZDJPY 82.35 0.7%
NZDAUD 0.9361 0.0%
NZDCAD 0.9432 0.9%
Upcoming Data releases (NZST):
- 13:15 - FOMC Member Dudley Speaks
- 13:30 - Australian Employment Report
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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