The NZDUSD opens at 0.6569 (mid-rate) this morning.
The NZD rallied on the day but fell short of trading at 0.6600 and opens today only 4 points different from yesterday’s open.
The NZ Overseas Merchandise Trade for October was a $963 million deficit, which was better than market expectation for $1 billion. Goods Exports fell 4.5% to $3.8 billion, led by milk powder. Goods Imports fell 2.2% to $4.8 billion.
The deficit of $963 million, which was 25% of exports, was better than the previous two months which were $1.222 billion and $1.035 billion.
The ECB released a report overnight showing the annual growth rate of broad monetary aggregate M3 in the euro area for October, increased by 5.3%, from 4.9% in September and ahead of market expectation of 4.9%
The US Banks were closed in observance of Thanksgiving Day and overall trading proved to be subdued.
Global equity markets are flat or higher except China which was lower: Dow +0.00%, S&P 500 +0.00%, FTSE +0.88%, DAX +1.35%, CAC +1.08%, Nikkei +0.49%, Shanghai -0.34%.
Gold prices are flat trading at $1070 an ounce, WTI Crude Oil is down 0.47% trading at $42.50 a barrel.
Current indicative rates:
NZDUSD 0.6569 -0.1%
NZDEUR 0.6192 0.1%
NZDGBP 0.4350 0.2%
NZDJPY 80.52 0.0%
NZDAUD 0.9072 0.2%
NZDCAD 0.8732 0.0%
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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