The NZDUSD opens at 0.7095 (mid-rate) this morning.
Ahead of this morning’s RBNZ financial stability report the NZD has managed to extend its gains against all its rivals.
Overnight Germany’s economic data releases disappointed with both their monthly import prices and preliminary CPI for the month of April falling short of economist’s estimates. Germany’s import prices which had been expected to rise by 0.2% fell by 0.1%, while German inflation slowed by more than expected with the monthly consumer price index falling by 0.2% m/m. Economists had expected the index to edge down by 0.1%.
The USD came under pressure after their consumer confidence unexpectedly fell for a second consecutive month in May, with the index slipping to 117.9 down from 119.4 in April, the index had been expected to nudge back above 120. Other US data releases printed in line with expectations with both personal income and spending increasing by 0.4% in the month of April.
Global equity markets are broadly lower - Dow -0.24%, S&P 500 -0.09%, FTSE -0.28%, DAX -0.24%, CAC -0.50%, Nikkei -0.02% Shanghai Closed.
Gold prices are down 0.3% trading at $1,262 an ounce. WTI Crude Oil prices have edged back below $50 down 0.5% to be trading at $49.73 a barrel.
Current indicative rates:
NZDUSD 0.7095 0.5%
NZDEUR 0.6343 0.4%
NZDGBP 0.5519 0.4%
NZDJPY 78.61 0.1%
NZDAUD 0.9502 0.2%
NZDCAD 0.9549 0.5%
GBPNZD 1.8119 -0.4%
Upcoming Data releases (NZST):
- 9:00 RBNZ Financial Stability 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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