The NZDUSD opens at 0.6635 (mid-rate) this morning.
The NZDUSD is little changed from yesterdays open, but the NZD has managed to outperform against the AUD and CAD (other commodity based currencies) as well as the GBP following last night’s UK manufacturing output data release.
Yesterdays disappointing Chinese trade balance has seen equity markets, led by energy and resources shares fall sharply on the back of global growth concerns.
The trade balance data showed China’s exports fell 6.8% in November y/y while imports were down 8.7% compared with November 2014.
Manufacturing data out of the UK failed to meet economists estimates when output fell 0.4% in October, reversing a revised 0.9% rise in September, this was the first decrease in three months.
Global equity markets are sharply lower - Dow -1.0%, S&P 500 -0.79%, FTSE –1.42%, DAX -1.95%, CAC -1.57%, Nikkei -1.04%, Shanghai 1.89%.
Gold prices are down $3 trading at $1073 an ounce, WTI Crude Oil is holding steady at $37.61 a barrel.
Current indicative rates:
NZDUSD 0.6635 -0.2%
NZDEUR 0.6090 -0.5%
NZDGBP 0.4420 0.2%
NZDJPY 81.56 -0.4%
NZDAUD 0.9200 0.6%
NZDCAD 0.9011 0.4%
Upcoming Data releases (NZST):
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14:30 - CNY CPI y/y
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14:30 – 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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