The NZDUSD opens at 0.7775 this morning.
The NZDUSD managed to rally to a high of 0.7840 yesterday evening as probability of an imminent Western military strike against Syria receded. However, the upwards momentum could not be sustained and the NZDUSD soon fell as low as 0.7753.
Thursday’s NZ Business Confidence release disappointed. The local market showed little reaction to this and the Australian Capital Expenditure figures which exceeded forecasts.
US data came in strong overnight – preliminary GDP exceeded expectations, and weekly unemployment claims were solid – bolstering the USD and the case for the US Fed to begin to taper its economic stimulus.
Global equity markets were mostly higher on the day – Dow +0.1%, Nikkei +0.9%, Shanghai -0.4%, FTSE +0.8%, DAX +0.5%
The Gold Price fell 0.6% to USD$1407 an ounce. Oil dropped 1.1%, while base metal prices were lower across the board.
The NZD opens at 0.7775 USD, 0.8705 AUD, 0.5870 EUR, 0.5015 GBP, & 76.35 JPY.
NZ Building Consents will be released at 10:45am today.
EU Employment & Inflation data, and US Consumer Sentiment, Personal Spending, Fed-speak, amongst others hit the tapes tonight.
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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