The NZDUSD opens relatively unchanged at 0.6569 after trading tight ranges overnight.
Yesterday’s market focus was on Australian Employment data which was mixed, and saw the Unemployment Rate increase to 5.2% against expectations of 5.1%. Although the headlines jobs figure actually beat expectations, the miss in Unemployment Rate lends further support to more rate cuts out of the RBA - potentially as early as next month.
In International news, there has been an attack on oil tankers in the Gulf of Oman overnight which saw oil prices up 1.9%. The Trump administration has blamed Iran which could lead to a "risk off" situation if tensions were to escalate even further.
There was a vote out of UK Parliament overnight on removing a no-deal Brexit as an option. This was voted down and has placed more pressure on the Pound, but potentially enhances the UK’s negotiating position with the EU.
Overnight tonight, retail sales out of the US will be closely watched by the market.
Global equity markets were generally higher on the day - Dow +0.39%, S&P 500 +0.41%, FTSE +0.01%, DAX +0.44%, CAC +0.01%, Nikkei -0.46%, Shanghai +0.5%.
Gold prices gained 0.9% to USD$1,345 an ounce. WTI Crude Oil prices gained 1.9% to US$52.10 per barrel.
Current indicative rates:
| NZDUSD | 0.6569 | 0.0% |
| NZDEUR | 0.5825 | 0.1% |
| NZDGBP | 0.5181 | 0.0% |
| NZDJPY | 71.17 | -0.2% |
| NZDAUD | 0.9497 | 0.1% |
| NZDCAD | 0.8754 | -0.1% |
| GBPNZD | 1.9299 | -0.1% |
Upcoming Data Releases (NZT):
- No local data today
- 00:30 - US Retail Sales
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Marcus Phillips is the Affiliate manager at xe money transfer in Auckland. You can contact him here »
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