The NZDUSD opens at 0.6641 (mid-rate) this morning.
Broad USD strength on the back of stronger than expected private sector employment has seen the NZDUSD fall half a cent from yesterday’s high.
With economists expecting an increase of 190k jobs to be added in the private sector, last night’s ADP report (a precursor to Fridays all important non-farm-payrolls release) showed an increase of 217k jobs in November with Octobers report also upwardly revised from the previously reported 182k jobs to 190k.
Last night’s Euro-zone inflation data will put further pressure on the European Central Bank to add to their current stimulus, after the report showed Euro-zone core inflation unexpectedly weakened in November while inflation also fell short of economists estimates remaining at 0.1% when expected to rise by 0.3%. Overnight tonight, the ECB release their monetary policy statement.
Global equity markets remain mixed- Dow -0.55%, S&P 500 -0.29%, FTSE +0.40%, DAX -0.63%, CAC -0.18%, Nikkei -0.37%, Shanghai +2.33%.
Gold prices are down $13 trading at $1054 an ounce, WTI Crude Oil is sharply lower currently down 4.25% at $40.05 a barrel.
Current indicative rates:
NZDUSD 0.6641 -0.5%
NZDEUR 0.6255 -0.4%
NZDGBP 0.4441 0.3%
NZDJPY 81.89 -0.1%
NZDAUD 0.9083 -0.4%
NZDCAD 0.8856 -0.8%
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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