The NZDUSD opens at 0.6475 (mid-rate) this morning.
It’s been a subdued start to the week with the NZD trading tight ranges against all its major trading partners, but with oil prices starting to reverse the end of last week’s spike higher, equity markets have turned negative as risk aversion returns.
Overnight German business confidence has started off the new year with an unexpected fall. The Ifo business climate index dropped to 107.3 in January, from 108.6 in December (exp 108.4) and is now at its weakest level since February last year when it was 106.8.
Global equity markets have started the week mixed - Dow -0.33%, S&P 500 -0.6%, FTSE -0.39%, DAX -0.29%, CAC -0.58%, Nikkei +0.90%, Shanghai +0.75%.
Gold prices are up 1% trading back above $1100 at $1105 an ounce, WTI Crude Oil has plummeted 5% currently trading at $30.64 a barrel .
Current indicative rates:
NZDUSD 0.6475 -0.1%
NZDEUR 0.5983 -0.3%
NZDGBP 0.4549 0.2%
NZDJPY 76.88 0.0%
NZDAUD 0.9285 0.3%
NZDCAD 0.9220 0.4%
Upcoming data releases (NZST)
- 15:00 - Credit Card Spending 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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