The NZDUSD opens at 0.6622 (mid-rate) this morning.
The NZD finds itself under pressure this morning with markets once again switching to a risk-off environment.
European and U.S equity markets have extended last week’s fall with global growth concerns and falling oil prices the main drivers.
The week ahead is relatively light on data releases and investors will turn their attention to earnings reports with Coca-Cola (KO), Disney (DIS), Time Warner (TWX), Cisco (CSCO), Twitter (TWTR), Kellogg (K), and PepsiCo (PEP) all due to release their quarterly results this week.
On Thursday and Friday Federal Reserve Chair Janet Yellen, is scheduled to deliver her semi-annual testimony to Congress, which will be closely monitored by investors for any clues on whether the Fed could still raise interest rates in March.
European and U.S. equity markets are sharply lower - Dow -2.04%, S&P 500 -1.95%, FTSE -2.71%, DAX -3.30%, CAC -3.20%, Nikkei +1.10%, Shanghai Closed.
Gold prices are up 2% currently trading at $1195 an ounce, WTI Crude Oil is currently trading down 3% at $30.01 a barrel.
Current indicative rates:
NZDUSD 0.6622
NZDEUR 0.5928
NZDGBP 0.4597
NZDJPY 76.58
NZDAUD 0.9355
NZDCAD 0.9243
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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