The NZD was sold off overnight on the back of another poor Fonterra Global Dairy Auction (prices fell 8.4% -44%yoy).
The USD was boosted by stronger than expected non-manufacturing and factory order numbers ISM Non-Manufacturing PMI 58.7 v 56.6, Factory Orders m/m 1.1% v 0.6%.
The euro fell to a fresh nine-month low of $1.3357 amid an increase in tension in Ukraine. Russian President Putin ordered the government to prepare a response to sanctions, and observers noted a marked build up of troops on the border.
.At 10:45 this morning we have NZ’s Quarterly Employment Numbers, a weaker than expected number should see the NZD$ push through its current support level of 0.8450
Global equity markets were mixed on the day – Dow-1.01%, Nikkei -1.0%, Shanghai -0.15%, FTSE +0.07%, DAX +0.39%
Gold prices rose 0.22% to USD$1291. Oil prices gave up yesterday’s gains to close down -0.92%.
The current indicative mid-rates are:
NZDUSD 0.8466
NZDEUR 0.6328
NZDGBP 0.5015
NZDJPY 86.81
NZDAUD 0.9101
NZDCAD 0.9278
Today’s Data Releases
10:45 – NZ Employment Change q/q, Unemployment Rate, Labor Cost Index.
Overnight we have the US Trade Balance.
----------------------------------------------------------
To subscribe to our free daily Currency Rate Sheet and News email, enter your email address here.
----------------------------------------------------------
Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
Daily exchange rates
Select chart tabs
We welcome your comments below. If you are not already registered, please register to comment.
Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.