The NZD/USD opens around 0.8240 this morning and continues to look heavy leading up to the RBNZ tomorrow morning.
Global stocks continue to push higher with the S&P 500 up 0.42% overnight to fresh record highs. Commodities are mostly weaker with oil down 0.46% and gold off 0.45%.
RBA Governor Glenn Stevens warned yesterday that Australia’s terms of trade is likely to fall and the Australian dollar is likely to be materially lower in future.
The AUD/USD came under selling pressure following these comments and broke through recent support levels at 0.95 overnight.
The NZD opens at current indicative mid rates: 0.8698 AUD, 0.6002 EUR, 0.5143 GBP, 80.97 JPY, 0.8633 CAD.
US data showed consumer spending rose in September, but consumer confidence fell in October as a partial government shutdown hit sentiment.
Not much to report from NZ today. The focus over the next 24 hours will be the Fed (7am NZT) and RBNZ (9am) tomorrow morning.
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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