By Dan Bell
The NZD/USD opens around 0.8180 after a relatively quiet night across global markets.
New Zealand Q3 CPI at 10:45am will be the focus on the local front. The market is expecting +0.6% qq 1.1% yy.
A weaker inflation number will increase the odds of an RBNZ rate cut which most economists don’t expect but exporters are crying out for.
US Retail Sale were up 1.1% in September and revised up in August - adding to the recent run of positive US data.
US stocks are currently trading up 0.67%. Commodities are mostly weaker. Gold prices are down another 1.15%.
The EUR continues to hold up over 1.29 on expectations of a Spanish bailout.
The NZD opens at current indicative mid rates: 0.7980 AUD, 0.6320 EUR, 0.5095 GBP, 64.39 JPY, 0.8015 CAD.
From Australia we get RBA Meeting Minutes at 1:30pm - which will give us more insight into their thinking that led to the rate cut at their last meeting.
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here
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