The NZDUSD opens unchanged at 0.7920 this morning.
The NZD topped out just shy of 0.7970 overnight before trading back down close to 0.7900.
The total volume of retail sales in New Zealand released yesterday beat forecasts and jumped a seasonally adjusted 1.5% quarter on quarter. This helped keep intact NZDs recent positive momentum.
ECB Draghi’s testimony overnight continued to build expectation of a QE program being implemented which helped the USD rebound and saw further selling of the EUR.
Global equity markets were mixed on the day – Dow +0.1%, Nikkei -3.0%, Shanghai -0.2%, FTSE+0.3%, DAX +0.6%.
Gold prices finished slightly down -0.2% at USD$1,183. Oil also slightly down, finishing -0.8% on the day.
The current indicative mid-rates are:
NZDUSD 0.7920
NZDEUR 0.6355
NZDGBP 0.5065
NZDJPY 92.20
NZDAUD 0.9090
NZDCAD 0.8950
The Global Dairy Trade results are scheduled to be released in the early hours of tomorrow morning which present some event risk.
RBA meeting minutes being released 1:30pm today with Governor Stevens speaking later this evening.
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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