The NZDUSD opens at 0.6590 (mid-rate) this morning.
The NZD has been the worst performing currency over the past 24hrs as yesterday’s business confidence and inflation expectations data releases fell short of economists estimates.
Overnight Euro-zone CPI flash estimate unexpectedly declined for the first time in 5mths for the month of February. The index fell 0.2 % year-on-year following a 0.3 percent rise in January, economists had been expecting the index to gain 01.%, The ECB are due to meet next week this will add further pressure on the central bank to add to their current stimulus package.
The highlight during our trading day will be this afternoons China manufacturing data releases while overnight another disappointing Fonterra GDT auction will put further pressure on the RBNZ to cut the OCR.
Global equity markets remain mixed - Dow +0.29%, S&P 500 +0.31%, FTSE +0.02%, DAX -0.19%, CAC +0.90%, Nikkei -1.00%, Shanghai -2.86%.
Gold prices are up 0.7% currently trading at $1231 an ounce, WTI Crude Oil has had a good start to the week gaining 3% over the past 24hrs, currently trading at $33.79 a barrel.
Current indicative rates:
NZDUSD 0.6590 -0.7%
NZDEUR 0.6060 -0.2%
NZDGBP 0.4735 -0.9%
NZDJPY 74.41 -1.5%
NZDAUD 0.9223 -0.9%
NZDCAD 0.8910 -0.8%
Upcoming Data releases (NZST):
- 10:45 - Overseas Trade Index q/q
- 14:00 - CNY Manufacturing PMI
- 14:45 - CNY Caixin Manufacturing PMI
- 16:30 – RBA Rate Statement
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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