The NZDUSD opens at 0.6535 (mid-rate) this morning.
In what has been a subdued start to the week the NZD has made small gains against all its major competitors as bond yields pushed higher suggesting traders are a little less certain that the RBNZ will cut rates at its December meeting.
Overnight the US labour market conditions index rose in October from an upwardly revised 1.3 to 1.6, but short of the expected 1.9.
This is the sixth consecutive increase and remains consistent with other indicators showing improvement in the labour market.
In the absence of any local data releases traders will turn their attention to this afternoons Australian business confidence and China’s CPI y/y data releases, ahead of tomorrow mornings RBNZ Financial Stability Report for direction.
European and U.S. equity markets are sharply lower- Dow -1.28%, S&P 500 -1.13%, FTSE -0.92%, DAX -1.57%, CAC -1.46%, Nikkei +1.96%, Shanghai +1.58%.
Gold prices are unchanged at $1089 an ounce, WTI Crude Oil is slightly lower down 0.75% to $43.95 a barrel.
Indicative mid-rate pricing:
NZDUSD 0.6535 0.4%
NZDEUR 0.6072 0.2%
NZDGBP 0.4322 0.0%
NZDJPY 80.39 0.2%
NZDAUD 0.9276 0.1%
NZDCAD 0.8678 0.2%
Upcoming Data releases (NZST):
14:30 - CNY CPI y/y
- CNY PPI y/y
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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