The NZDUSD opens at 0.6646 (mid-rate) this morning.
The NZD has been the worst performing currency over the past 24hrs, on a combination of falling commodity prices and investors positioning their books for an OCR cut on Thursday.
OPEC’s decision not to cut production at Friday’s meeting in Vienna, has seen oil prices and equity markets fall. Oil prices plummeted and they are now trading at levels last seen in Feb 2009.
OPEC are driving prices down in an effort aimed at putting U.S. fracking companies out of business.( fracking is only profitable if the average global oil price is above $60.00 a barrel.)
On the domestic data front today, we have our quarterly manufacturing sales numbers while later this afternoon China announce their trade balance.
Global equity markets have started the week mixed - Dow -1.1%, S&P 500 -1.09%, FTSE -0.24%, DAX +1.25%, CAC +0.88%, Nikkei +0.99%, Shanghai +0.34%.
Gold prices are down $11 trading at $1076 an ounce, WTI Crude Oil is sharply lower currently down 5.15% at $37.91 a barrel.
Current indicative rates:
NZDUSD 0.6646 -1.5%
NZDEUR 0.6120 -1.3%
NZDGBP 0.4409 -1.1%
NZDJPY 81.85 -1.4%
NZDAUD 0.9143 -0.4%
NZDCAD 0.8981 -1.4%
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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