The NZDUSD opens at 0.6915 (mid-rate) this morning.
Strengthening commodities, led by oil, have helped the NZD extend its gains against its European and US counterparts.
Expectations of a deal between Russia, Saudi Arabia, and other members of OPEC on freezing production regardless of Iran's output, has seen crude oil prices surge to a new 2016 high of $42.17 a barrel.
The CRB index has also continued to climb, up nearly 2% over the past 24hrs pushing all commodity-linked currencies higher.
Overnight U.K. CPI rose 0.5% y/y in March increasing at its fastest pace since Dec 2014, economists had expected an increase of 0.3% in line with February’s result.
Earlier this morning the IMF lowered its global economic growth forecast for this year and next. The IMF report estimates 2016 economic growth at 3.2% down from 3.4% while 2017 growth is now forecast at 3.5% down from 3.6%.
IMF Economic Counsellor and Director of Research Maurice Obstfeld stated “The current diminished outlook calls for an immediate, proactive response,” and more aggressive policy actions to lift demand and supply potential could boost growth.
Global equity markets are broadly higher - Dow +0.97%, S&P 500 +0.91%, FTSE +0.68%, DAX +0.81%, CAC +0.77%, Nikkei +1.13%, Shanghai -0.34%.
Gold prices are unchanged trading at $1256 (+1.2%) an ounce, WTI Crude Oil has surged higher over the past 24hrs currently up 4.4% at $42.20 a barrel.
Current indicative rates:
NZDUSD 0.6915 0.8%
NZDEUR 0.6072 1.0%
NZDGBP 0.4845 0.5%
NZDJPY 75.10 1.4%
NZDAUD 0.9005 -0.3%
NZDCAD 0.8822 -0.3%
Upcoming Data releases (NZST):
- 10:45 – FPI m/m
Tentative China Trade balance
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