The NZDUSD opens at 0.7370 (mid-rate) this morning.
In the absence of any notable data releases the NZD has traded within a tight range against all its major competitors with the exception of the AUD where it has again lost considerable ground trading to a new 6mth low of 0.9210.
This morning we await the release of the RBNZ Stability Report with traders expecting the reserve bank to target Auckland property investors which in turn should free up the Reserve Bank to cut interest rates should they see fit.
Overnight the UK Industrial Production and Manufacturing data printed ahead of market expectations strengthening the Pound further.
Global equity markets remain mixed- Dow -0.09%, Nikkei+0.02%, Shanghai +1.56%,FTSE -1.37%, DAX -1.72%, CAC -1.06%.
Gold prices are up $9 at $1194. Oil (WTI) has gained 2.16% trading at $60.54 a barrel.
The current indicative mid-rates are:
NZDUSD 0.7370
NZDEUR 0.6570
NZDGBP 0.4700
NZDJPY 88.30
NZDAUD 0.9225
NZDCAD 0.8845
Domestic data releases today:
09:00 - RBNZ Stability Report
09:05 - RBNZ Gov Wheeler Speaks
10:45 – FPI m/m
17:30 – CNY Industrial Production
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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