The NZDUSD opens at 0.6257 (mid-rate) this morning.
In what has been a slow start to the week, brought about by the U.S Labour day holiday, the NZD has once again underperformed.
With 17 out of 17 economists surveyed, all expecting the reserve bank to cut the OCR by 25 basis points on Thursday morning the NZD has lost further ground against all its major competitors.
Overnight the German industrial production data release has seen the EUR weaken slightly.
With economists expecting industrial production to rebound by 1.2% from last month’s 0.9% fall the actual reading 0.7% disappointed the market.
This afternoon the Chinese Trade data will be closely monitored following another 2.5% fall in Shanghai equity market yesterday.
Global equity markets have had a mixed start to the week - Dow Closed, S&P 500 Closed, FTSE +0.52%, DAX +0.70%, CAC -2.24%, Nikkei +0.38%, Shanghai -2.52%.
Gold prices are down 0.3% at $1119 an ounce, WTI Crude Oil has fallen 3.95% overnight currently trading at $44.25 a barrel.
Indicative mid rates:
NZDUSD 0.6257 -0.4%
NZDEUR 0.5600 -0.5%
NZDGBP 0.4095 -1.1%
NZDJPY 74.68 0.0%
NZDAUD 0.9030 -0.8%
NZDCAD 0.8327 -0.1%
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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