The NZDUSD opens lower at 0.7845 this morning.
The US Federal Reserve minutes from its last interest rate policy meeting were released at 6am this morning.
They offered few clues on when they might start to reduce its massive bond-buying program, however a majority of the members of the FOMC agreed that changing the stimulus was not yet appropriate.
The FOMC are being patient and wish to evaluate additional information on the economy before reducing any stimulus, although they did acknowledge improvement in the unemployment rate.
The NZDUSD was whippy in response to the FOMC minutes, but ended lower as it tracked the pathway of US equity markets. NZDUSD traded to a 0.7842 low, and the NZD was also down against the AUD, EUR, GBP & JPY.
Global equity markets were mostly lower the day – Dow -0.7%, Nikkei +0.2%, Shanghai -0.2%, FTSE -1.0%, DAX -0.2%
The Gold Price fell 0.3% to USD$1366 an ounce. Oil dropped 0.3%, and base metal prices also fell lower on the day.
The NZD opens at 0.7845 USD, 0.8740 AUD, 0.5875 EUR, 0.5010 GBP, & 76.65 JPY.
There is no data on the domestic calendar today.
From Australia, the Conference Board Leading Indicator the hits tapes at 12:00pm, followed by Manufacturing data at 1:45pm out of China.
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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