The NZDUSD opens at 0.7032 (mid-rate) this morning.
Overall it’s been a pretty good night for the NZD, with all eyes on the UK the NZD has managed to push higher against the majority of its rivals.
It’s been a long time coming and last night Britain’s Prime Minister Theresa May invoked “Article 50” triggering the UK’s exit from the European Union. The UK will now spend the next two years in negotiation with the European Union on the terms of their exit. At this early stage the Euro has underperformed the British Pound, with both currencies coming under pressure following the announcement.
Earlier this morning the US National Association of Realtors (NAR) pending home sales report for the month of March printed well ahead of expectations. After January’s unexpected sharp fall (-2.8% to 106.4) the index surged higher in February up 5.5% to 112.3. Economists had expected pending home sales to increase by 2.4%.
Crude oil is up 2% after the Energy Information Administration reported crude inventories increased by 867k barrels over the past week, the result was below economists’ estimates for an increase of 1.4mill barrels.
Overnight tonight the final result for Q4 GDP in the US is released with economists expecting an upward revision from the previously reported 1.9% to 2%.
Global equity markets are mixed - Dow -0.17%, S&P +0.06%, FTSE +0.41%, DAX +0.44%, CAC +0.45%, Nikkei +0.08%, Shanghai -0.36%.
Gold prices are holding steady at $1,252 an ounce, WTI Crude Oil is currently up 2% trading at $49.34 a barrel.
Current indicative rates:
NZDUSD 0.7032 0.3%
NZDEUR 0.6537 0.8%
NZDGBP 0.5662 0.6%
NZDJPY 78.11 0.3%
NZDAUD 0.9167 -0.2%
NZDCAD 0.9382 0.0%
GBPNZD 1.7662 -0.6%
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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