The NZDUSD opens this morning at .6585.
All eyes this morning are on the RBNZ rate announcement with a 25 basis point cut fully priced in.
We believe the key driver will come in the accompanying statement and whether or not the RBNZ will continue with their dovish monetary policy stance.
Last night the UK’s Monetary Policy Committee voted 9-0 to retain its key rate at a record low 0.50% and asset purchase programme at GBP 375 billion.
The committee pointed to the continued uncertainty surrounding Greece as a key factor in holding the rate at 0.50%.
Gold prices are back below $1100 currently down $8.75 at $1092.
WTI Crude Oil falls below $50 a barrel currently down 3.32% at $49.17.
World equity markets continue to slide with both the European and US markets broadly lower: Dow -0.36%, S&P 500 -0.23%, FTSE -1.50%, DAX -0.72%, CAC -0.47%, Nikkei -1.19%, Shanghai +0.21%.
NZDUSD 0.6585 -0.8%
NZDEUR 0.6036 -0.4%
NZDGBP 0.4223 -0.9%
NZDJPY 81.70 0.5%
NZDAUD 0.8932 0.0%
NZDCAD 0.8580 0.0%
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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