The NZDUSD opens at 0.6795 (mid-rate) this morning.
The NZD is little changed from where we closed on Friday with investors still happy to add to their risk portfolios.
Fridays U.S. Consumer Sentiment data printed ahead of economists estimates at 92.1 vs., 88.8, while Industrial Production m/m came in as expected at 0.2%. Earlier in the day Euro-zone’s trade surplus declined more than forecast (19.8b vs., 22.1b) while their inflation turned negative for September with consumer prices falling -0.1% in line with expectations.
This afternoons China data will be the main driver today with GDP expected to fall from 7.0% to 6.8% while their industrial production is also expected to print slightly softer at 6.0% vs. 6.1%.
On the domestic data front Tuesday evening's Global Dairy Trade Auction should prove to be the weeks highlight, while on the international front Thursday nights ECB Monetary Policy meeting may see the ECB add to their current stimulus.
Global equity markets finished the week broadly higher - Dow +0.43%, S&P 500 +0.46%, FTSE +0.62%, DAX +0.39%, CAC +0.59%, Nikkei +1.08%, Shanghai +1.60%.
Gold prices lost $4.50 on Friday but still posted a weekly gain of +2.4% closing at $1,177 an ounce, WTI crude oil closed on Friday at $47.26 a barrel having fallen -4.8% for the week.
Indicative mid-rate pricing:
NZDUSD 0.6795 -0.9%
NZDEUR 0.5983 -0.7%
NZDGBP 0.4401 -0.6%
NZDJPY 81.19 -0.4%
NZDAUD 0.9352 0.1%
NZDCAD 0.8775 -0.4%
To subscribe to our free daily Currency Rate Sheet and News email, enter your email address here.
Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
We welcome your comments below. If you are not already registered, please register to comment.
Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.