The NZD held in relatively tight ranges against most of the majors overnight, as markets continue to consolidate after sizeable moves last week. NZDUSD currently 0.7730.
The USD posted modest gains against most major trading partners, as evidence of improving conditions endorsed the market’s view of a coming shift in US monetary policy.
US stocks were held up by stronger housing and durable goods data out of the US, ending the day around 0.5% higher.
Chinese equity markets covered some ground on the day, recovering to close flat after having been down an eye watering 6% during the day.
Commodities took heart from this, ending the day a little firmer across the board.
Current indicative rates:
NZDUSD 0.7730
NZDAUD 0.8345
NZDGBP 0.5015
NZDEUR 0.5905
NZDJPY 75.55
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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