The NZD/USD opens around 0.8130 this morning after a relatively quiet finish to the week.
US stocks had a mixed session with the Nasdaq up 0.37% to new 13 year highs while the S&P 500 lost ground, down 0.08%. Commodities were up with oil prices gaining 0.52% and gold up 1.09%.
The NZD opens at current indicative mid rates: 0.8909 AUD, 0.5987 EUR, 0.4966 GBP, 0.8638 CAD, 83.37 JPY.
China manufacturing data (PMI) released over the weekend came in slightly better than expected at 51.4 vs. 51.2.
From New Zealand today we get Q3 Overseas Trade Index data at 10:45am. From Australia we get Building Approvals and China (HSBC) Manufacturing PMI this afternoon.
The big focus this week will be US employment numbers on Friday. The market is forecasting Non Farm Payrolls at +184K new jobs for Nov. Anything better than this will increase the chances of earlier tapering from the Fed and strengthen the USD.
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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