The NZDUSD opens steady at 0.8675 this morning.
The NZD was little changed overnight despite weak Chinese Manufacturing data, which caused a short-lived dip yesterday, and continued escalation of tensions in Ukraine.
US services sector data, released overnight, rose to its highest level in 8 months.
This suggests the US economy is regaining upwards momentum after a weather-influenced winter slowdown.
The Reserve Bank of Australia has an interest rate setting meeting today.
Rates will remain at 2.50% - the major focus will be on the accompanying statement for the RBA's assessment on the current state of the Australia economy and its outlook.
Global equity markets were mixed on the day - Dow +0.1%, Nikkei -0.2%, Shanghai -0.1%, FTSE +0.2%, DAX -0.3%
Gold prices climbed 0.8% to USD$1,310. Oil prices fell by 0.9%.
The current indicative mid-rates are:
NZDUSD 0.8675
NZDEUR 0.6255
NZDGBP 0.5145
NZDJPY 88.65
NZDAUD 0.9360
NZDCAD 0.9505
There is no data on the domestic calendar today.
Australian Trade Balance will be released at 1:30pm, followed by the Reserve Bank of Australia interest rate decision at 4:30pm - rates are 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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