The NZDUSD opens at 0.6783 (mid-rate) this morning.
The NZD has enjoyed small gains in light trading over the past 24 hours with local investors enjoying the long weekend.
Overnight the New home sales data out of the U.S. came in much worse than expected with the report showing new home sales plummeted 11.5% to an annual rate of 468k in Sept from a revised 529k in Aug, economists had been expecting a fall of just 0.5%.
The main driver for the NZD today will come in the form of this morning’s Trade balance data release while overnight the U.S. Durable Goods Orders and Consumer Confidence numbers are the last U.S. data releases ahead of Thursdays FOMC statement.
Global equity markets have had a mixed start to the week - Dow -0.11%, S&P 500 -0.20%, FTSE -0.42%, DAX +0.06%, CAC -0.54%, Nikkei -0.65%, Shanghai +0.50%.
Gold prices are holding steady currently trading at $1164 an ounce, WTI Crude Oil is down 1.5% overnight currently trading at $43.95 a barrel.
Indicative mid-rate pricing:
NZDUSD 0.6783 0.5%
NZDEUR 0.6138 2.0%
NZDGBP 0.4415 0.2%
NZDJPY 82.12 0.3%
NZDAUD 0.9352 0.1%
NZDCAD 0.8916 0.3%
Upcoming Data releases (NZST):
10:45 – Trade balance
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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