The NZDUSD opens at 0.8401 this morning.
The NZD traded as low as 0.8348 yesterday after the disappointing Chinese PMI data release, but has bounced back as market traders trim their positions ahead of this weekend’s Jackson Hole conference.
Last night’s US manufacturing and housing data came in stronger than market expectations (Flash Manufacturing PMI 58.0 v 55.7, Philly Fed Manufacturing Index 28.0 v 19.7, Existing Home Sales 5.15M v 5.01M).
Data releases out of both the UK and Euro zone overnight (with the exception of Germanys Flash Manufacturing PMI) were disappointing (EUR Flash Manufacturing PMI 50.8 v 51.4 UK Retail Sales m/m -0.1% v 0.4%)
Global equity markets were mostly higher on the day - Dow +0.35%, Nikkei +0.85%, Shanghai -0.44%, FTSE+0.33%, DAX +1.4%
Gold prices are lower closing at USD$1274 (down -1.32%). Oil prices are up by 0.57%.
The current indicative mid-rates are:
NZDUSD 0.8401
NZDEUR 0.6330
NZDGBP 0.5069
NZDJPY 87.26
NZDAUD 0.9035
NZDCAD 0.9199
There are no domestic data releases today.
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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