The NZDUSD opens at 0.7002 (mid-rate) this morning.
The Kiwi struggled overnight - only gaining against the EUR, and was down against the other major currencies. The NZD/USD continues to be range bound, trading 0.6990 – 0.7060 all week.
U.S. GDP increased at an annual rate of 2.1% in Q4 of 2016 according to the "third" estimate released by the Bureau of Economic Analysis. The market consensus was for 2.0%. Consumer spending, the biggest part of the economy, rose at a 3.5% rate, revised from 3%.
U.S. unemployment benefits declined last week by less than forecast, while remaining at levels consistent with a solid labor market. U.S. Jobless claims decreased by 3,000 to 258,000 (forecast was 247,000) in the week ended March 25.
Tonight’s data releases include German Retail Sales and unemployment, UK Current Account, UK & CAD GDP, U.S. University of Michigan Consumer Sentiment, Chicago PMI, and U.S. Personal Income and Spending.
Global equity markets are mixed: Dow +0.33%, S&P +0.33%, FTSE -0.06%, DAX +0.44%, CAC +0.41%, Nikkei -0.80%, Shanghai -0.96%.
Gold price is down 0.5% or $6 currently trading at $1,246 an ounce, WTI Crude Oil is currently up 2.1% trading at $50.37a barrel.
Current indicative rates:
NZDUSD 0.7002 -0.3%
NZDEUR 0.6552 0.2%
NZDGBP 0.5614 -0.8%
NZDJPY 78.06 -0.1%
NZDAUD 0.9149 -0.2%
NZDCAD 0.9319 -0.7%
GBPNZD 1.7807 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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