The NZDUSD opens at 0.6765 (mid-rate) this morning.
The NZD has continued to under-perform, losing ground against all its major trading partners over the past 24hrs.
In what has been a very quiet start to the week the USD has continued claw its way back against all its competitors following last Thursdays’ sell-off.
Overnight U.S. existing home sales disappointed more than expected in February. Economists had expected the National Association of Realtors report to dip from January’s 5.47m (the highest annual rate in 6mths) to 5.31m, but instead existing home sales plummeted 7.1% to an annual rate of 5.08m.
Global equity markets remain mixed - Dow +0.12%, S&P 500 +0.03%, FTSE -0.08%, DAX -0.02%, CAC -0.78%, Nikkei –Closed, Shanghai +2.15%.
Gold prices continued to nudge lower down $10, at $1244 an ounce, WTI Crude Oil has gained 1.7% over the past 24hrs pushing back over $40 a barrel at $40.11.
Current indicative rates:
NZDUSD 0.6765 -0.5%
NZDEUR 0.6013 -0.4%
NZDGBP 0.4700 -0.2%
NZDJPY 75.65 -0.3%
NZDAUD 0.8910 -0.3%
NZDCAD 0.8839 -0.1%
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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