The NZDUSD opens at 0.7188 (mid-rate) this morning.
In what was subdued trading on Friday ahead of the US long weekend the NZD drifted lower against all its major rivals.
On Friday evening the US Conference Board said its leading economic index climbed by 0.6% in January after rising by 0.5% in December. The result was slightly ahead of the forecast 0.4% increase.
Retail sales in the UK for the month of January unexpectedly declined with Friday’s report out of the Office for National Statistics showing sales fell 0.35 m/m following a 2.1% fall in December. Economists had expected sales to increase by 1% after fall in both November and December 2016.
Notable domestic data releases for the NZD this week are this morning’s PPI Index, which is expected to show an increase in the price of goods and raw materials purchased by manufacturers of 0.9%, and Wednesday morning’s Global Dairy Trade Auction.
Global equity markets closed out the week mixed- Dow +0.02%, S&P 500 +0.16%, FTSE +0.30%, DAX +0.00%, CAC -0.65%, Nikkei -0.58%, Shanghai -0.85%.
Gold prices edged lower on Friday closing out the week at $1,235 an ounce, WTI Crude Oil was little changed on Friday for a 0.9% weekly loss, closing out the week at $53.40 a barrel.
Current indicative rates:
NZDUSD 0.7188 -0.6%
NZDEUR 0.6773 -0.1%
NZDGBP 0.5782 -0.2%
NZDJPY 81.15 -0.9%
NZDAUD 0.9365 -0.3%
NZDCAD 0.9415 -0.2%
Upcoming Data releases (NZST):
- 10:45 - PPI Input q/q
- 10:45 - PPI Output q/q
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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