The NZDUSD opens this morning at 0.8641.
Another quite night for the NZD with traders trimming their long positions ahead of the Fonterra auction.
As expected milk prices fell for the fifth consecutive auction while volumes also dropped. Price Index -2.6% Volume -7.8%.
Equity markets have had a mixed night with European markets down across the board amid further concerns over the Ukraine, while the Dow is currently up 0.5% after the US CPI m/m came in stronger than market expectations +0.2% v +0.1%
Gold prices although down 2.1% are still holding above $1,300 while Oil prices fell 0.3% to close at $103.75 a barrel.
Today we have NZ CPI q/q hitting the tapes at 10:45am although the main driver will come from the Chinese GDP q/y and Industrial Production y/y Data which is released at 2:00pm.
The current indicative mid-rates are,
NZDUSD 0.8641
NZDEUR 0.6255
NZDGBP 0.5168
NZDJPY 88.02
NZDAUD 0.9235
NZDCAD 0.9487
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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