The NZDUSD opens higher at 0.7810 this morning.
A delay in possible US military action against Syria and encouraging manufacturing data from China and Europe boosted the demand for riskier assets - the NZDUSD rallied to an overnight high of 0.7830.
Yesterday’s NZ Overseas Trade Index figures, which measures the change in the price of NZ’s internationally traded goods and services, rose 4.9% (3.9% was forecast) added to the positive tone.
Global equity markets made strong gains on the day – Dow closed for Labor Day, Nikkei +1.4%, Shanghai +0.3%, FTSE +1.5%, DAX +1.7%
The Gold Price was steady at USD$1394 an ounce. Oil prices were little changed while base metal prices were mixed.
The NZD opens at 0.7810 USD, 0.8695 AUD, 0.5920 EUR, 0.5025 GBP, & 77.60 JPY.
ANZ Commodity Prices release hits the tapes at 1:00pm today.
Australian Retail Sales & Current account will be released at 1:30pm, followed by the Reserve Bank of Australia interest rate announcement – rates are widely expected to remain at 2.50%.
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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