The NZDUSD opens at 0.6485 (mid-rate) this morning.
After pushing up to 0.6550 against the USD yesterday the NZD finds itself back where we started on a combination of risk aversion and another poor dairy auction.
Falling crude oil prices and weak earnings reports out of both Europe and the U.S. have sent equity markets and risk traded currencies lower.
Fonterra's latest GDT price index fell for the third time in succession this morning, dropping by 7.4% since the last auction.
This morning’s employment data will be the main driver for the NZD today with employment change expected to rise by 0.8% and the unemployment rate to rise from 6.0% to 6.1%.
Global equity markets with the Shanghai being the exception are sharply lower- Dow -1.55%, S&P 500 -1.65%, FTSE -2.28%, DAX -1.81%, CAC -2.47%, Nikkei -0.64%, Shanghai +2.26%.
Gold prices have edged lower currently down $3 to $1124 an ounce, WTI Crude Oil has continued to fall currently down 4% at $30.35 a barrel.
Current indicative rates:
NZDUSD 0.6485 -0.2%
NZDEUR 0.5955 -0.3%
NZDGBP 0.4505 -0.3%
NZDJPY 78.03 -0.9%
NZDAUD 0.9201 0.2%
NZDCAD 0.9110 0.0%
Upcoming data releases (NZST)
- 10:45 - NZ Employment Change - Unemployment Rate
- 12:45 - RBNZ Gov Wheeler Speaks
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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