The NZDUSD opens at 0.6285 (mid-rate) this morning.
The NZD remains on the back foot losing ground against all its major competitors with risk continuing to be sold as equity markets tumbled once again.
Friday’s much anticipated U.S. non-farm-payrolls delivered mixed results, with economists expecting an increase of 220K jobs in August, the disappointment of the actual 173k increase was offset by upward revisions totalling 44k jobs for both June and July and a larger than expected decrease in the unemployment rate with fell from 5.3% to 5.1% (exp 5.2%).
On the local front this Thursday’s RBNZ statement will provide the highlight with a 25 basis point cut is fully priced in.
Global equity markets finished the week sharply lower - Dow -1.66%, S&P 500 -1.53%, FTSE -2.50%, DAX -2.71%, CAC -2.81%, Nikkei -2.15%, Shanghai -0.20%.
Gold prices closed 1.1% down for the week at $1,122 an ounce, WTI Crude Oil fell on Friday but still managed to close out the week having gained 1.8% at $46.05 a barrel.
Indicative mid rates:
NZDUSD 0.6285 -1.7%
NZDEUR 0.5630 -2.1%
NZDGBP 0.4140 -1.2%
NZDJPY 74.65 -2.7%
NZDAUD 0.9100 -0.2%
NZDCAD 0.8335 -1.1%
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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