The NZDUSD opens at 0.6670 (mid-rate) this morning.
The NZDUSD peaked at 0.6705 with the USD continuing to lose ground against all of its major competitors.
With many economists now believing that the expected September rate hike is becoming more and more less likely, as global growth fears led by China, have sent equity markets and commodities into free fall.
The weekend data releases saw the US manufacturing PMI fall from 53.8 to 52.9, the lowest since October 2013 (exp 53.9). In contrast the Euro-zone composite PMI rose from 53.9 to 54.1 (once again strong German readings balanced out weaker readings from other countries.)
All eyes today will again be on equity markets which are expected to open sharply lower.
Global equity markets are sharply lower- Dow -3.12%, S&P 500 -3.19%, FTSE -2.91%, DAX -2.95%, CAC -5.18%, Nikkei -2.98%, Shanghai -4.46%.
Gold prices closed out the week higher on safe haven buying $1,159 an ounce, WTI Crude Oil shed 4.8% on the week to close at $40.45 a barrel.
NZDUSD 0.6670 +0.7%
NZDEUR 0.5863 -0.9%
NZDGBP 0.4256 +0.7%
NZDJPY 81.20 -0.8%
NZDAUD 0.9142 +1.3%
NZDCAD 0.8799 +1.5%
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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