The NZDUSD opens at 0.6512 (mid-rate) this morning.
The NZD has started the week on the back foot losing ground against all its major competitors on the back of falling commodity prices and investors trimming their positions ahead of Decembers RBNZ Monetary Policy statement.
Overnight the Euro-zone private sector growth increased at its fastest pace in four and a half years, the composite output index increased to 54.4 in November from 53.9 in October economists had been expecting a slight increase to a score of 54.
The manufacturing PMI also exceeded expectations climbing to 52.8 (a 19-month high).from 52.3 in October, economists had expected the score to fall marginally to 52.2.
After September’s sharp increase in existing home sales in the US, last night’s National Association of Realtors report for October showed existing home sales fell 3.4% to an annual rate of 5.36m (exp 5.4m). Despite the monthly decrease, the annual rate of existing home sales has still increased by 3.9% year on year.
Global equity markets have started the week mixed - Dow +0.02%, S&P 500 +0.15%, FTSE -0.46%, DAX -0.25%, CAC -0.44%, Nikkei +0.10%, Shanghai -0.56%.
Gold prices have continued to fall currently trading down $7 to $1069 an ounce (a six year low), WTI Crude Oil has pushed up 0.9% trading at $42.25 a barrel.
Current indicative rates:
NZDUSD 0.6512 -0.8%
NZDEUR 0.6132 -0.5%
NZDGBP 0.4305 -0.3%
NZDJPY 80.03 0.6%
NZDAUD 0.9050 -0.2%
NZDCAD 0.8700 -0.5%
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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