The NZDUSD opens at 0.6329 (mid-rate) this morning.
The NZD has lost ground overnight having touched 0.6400 against the USD overnight before risk and equities were sold on the back of China’s August industrial profits plunging 8.8% y/y (the sharpest decline in 4years).
Once again U.S. data releases were mixed with the Core PCE Price Index m/m and Personal Spending m/m matching or exceeding economist’s expectations respectively while Personal Income m/m and Pending Home Sales m/m both failed reach their estimates.
Global equity markets are sharply lower - Dow -1.82%, S&P 500 -2.38%, FTSE -2.46%, DAX -2.12%, CAC -2.76%, Nikkei -1.32%, Shanghai +0.27%.
Gold prices are tracking equity markets currently down $13 at $1133 an ounce, WTI Crude Oil has lost 3% over the past 24hrs currently trading at $44.82 a barrel.
Indicative mid-rate pricing:
NZDUSD 0.6329 -0.5%
NZDEUR 0.5634 -1.0%
NZDGBP 0.4171 -0.3%
NZDJPY 75.83 -1.0%
NZDAUD 0.9050 0.1%
NZDCAD 0.8462 -0.3%
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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