The NZDUSD opens at 0.6694 (mid-rate) this morning.
The NZD has lost ground against all its major trading partners following this morning’s disappointing GDT auction.
In the first of this month’s two dairy auctions Fonterra’s GDT price index fell 7.4% with an average selling price of $2,569 per tonne while volumes also fell away with a total of 33,997 tonnes sold down 1.5% from the previous auction.
Direction today will be dictated by this morning’s employment numbers, with economists expecting the unemployment rate to tick up from 5.9% to 6.0%.
Overnight tonight, all eyes will be on the U.S. ADP employment report, a precursor to Friday’s US non-farm-payrolls data release.
Global equity markets are slightly higher - Dow +0.47%, S&P 500 +0.23%, FTSE +0.34%, DAX 0.00%, CAC +0.41%, Nikkei CLOSED Shanghai -0.25%.
Gold prices are currently down $16 (-1.5%) to $1116 an ounce, WTI Crude Oil has made strong gains over the past 24hrs currently up 3.4% at $47.70 a barrel.
Indicative mid-rate pricing:
NZDUSD 0.6694 -0.7%
NZDEUR 0.6106 -0.2%
NZDGBP 0.4341 -0.7%
NZDJPY 81.02 -0.4%
NZDAUD 0.9307 -1.4%
NZDCAD 0.8749 -0.9%
Upcoming Data releases (NZST):
10:45 - Employment Change q/q
- Unemployment Rate
- Labour Cost Index q/q
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.