The NZDUSD opens at 0.6769 (mid-rate) this morning.
The NZDUSD has gained 1% over the past 24hrs on a combination of broad USD weakness and investors unravelling some of their short NZD positions ahead of Thursdays FOMC.
The USD has lost ground against all its major trading partners on concerns that the current oil price fall and credit market volatility could prevent the Fed from hiking interest rates as rapidly as previously estimated.
The GBP has also slipped lower overnight following comments from Bank of England Deputy Governor Minouche Shafik suggesting that wage growth needs to rise in line with inflation to justify a rate hike.
Global equity markets remain under pressure - Dow -0.13%, S&P 500 -0.12%, FTSE -1.32%, DAX -1.94%, CAC -1.68%, Nikkei -1.80%, Shanghai +2.51%.
Gold prices have continued to slide currently down $11 at $1063 an ounce, WTI Crude Oil is currently up 2% trading at $36.30 a barrel.
Current indicative rates:
NZDUSD 0.6769 0.9%
NZDEUR 0.6153 0.7%
NZDGBP 0.4476 1.5%
NZDJPY 81.81 0.6%
NZDAUD 0.9342 -0.2%
NZDCAD 0.9310 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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