The NZDUSD opens at 0.6710 (mid-rate) this morning.
The NZD had a mixed close to the week out performing other risk traded currencies (AUD, CAD) while losing ground against the majors (USD, GBP, EUR) as investors reduced their risk appetite on the back of falling commodity and equity markets.
Fridays U.S. data releases had little effect on the USD with retail sales, PPI, consumer sentiment and business inventories all printing in-line with economists’ estimates.
In an effort to “help bring about a shift in how the public and the market observe RMB exchange rate movements,” China announced that it will publish a new Yuan index, valuing the currency against a basket of currencies rather than just the USD.
The domestic highlight for the NZD this week will be Wednesdays global dairy trade index while Thursdays much anticipated FOMC statement will be the focus for all investors.
Global equity markets closed out the week broadly lower - Dow -1.76%, S&P 500 -1.94%, FTSE -2.22%, DAX -2.44%, CAC -1.84%, Nikkei +0.97%, Shanghai -.61%.
Gold prices drifted lower on Friday closing out the week at $1074 an ounce, WTI Crude Oil lost more than 10% over the course of the week closing below $36 a barrel at $35.62.
Current indicative rates:
NZDUSD 0.6710 -0.7%
NZDEUR 0.6172 -0.1%
NZDGBP 0.4410 -1.1%
NZDJPY 81.30 -0.9%
NZDAUD 0.9320 0.6%
NZDCAD 0.9235 0.4%
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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