The NZDUSD opens at 0.6751 (mid-rate) this morning.
The NZD starts the week 70 points lower (-1.0%) from Friday’s open as risk currencies got sold on better than expected U.S. data and weaker Chinese data.
Chinese M2 Money Supply y/y came in at 12.8% which was worse than the 13.5% expected, and 13.4% previously.
Chinese New Loans for April were only 556 Billion Yuan, way worse than the 820 Billion Yuan expected and 1.37 Trillion Yuan in March.
Eurozone Flash GDP q/q was slightly worse than market consensus and the previous quarter of 0.6% printing at 0.5% for Q1.
U.S. Retail sales rose the most in 12 months at 1.3% for April and that was ahead of market expectation of -0.3% which was also the previous months reading.
U.S. PPI m/m for April was 0.2% better than March’s reading of -0.1% and slightly down on the consensus of 0.3%.
Chinese Industrial production y/y for April was 6.0% down from April 2015’s 6.8% and market consensus of 6.5%. Retail sales y/y was 10.1% from 10.5% previously and 10.6% expectation.
Global equity markets are mixed: Dow -1.05%, S&P 500 -0.85%, FTSE +0.56%, DAX +0.92%, CAC +0.62%, Nikkei -1.41%, Shanghai -0.31%.
Gold prices are up $2 currently trading at $1272 an ounce, WTI Crude Oil is down 0.6% currently trading at $46.21 a barrel.
Current indicative rates:
NZDUSD 0.6751 -1.0%
NZDEUR 0.5971 -0.4%
NZDGBP 0.4705 -0.3%
NZDJPY 73.33 -1.
NZDAUD 0.9324 0.2%
NZDCAD 0.8737 -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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