The NZDUSD opens at 0.6811 (mid-rate) this morning.
The NZD turned in a relatively flat performance overnight, as investors adopt a cautious stance ahead of the release of the minutes of the most recent meeting of the Federal Reserve tomorrow morning at 6am.
New residential construction in the U.S. saw a substantial rebound in the month of April up 6.6% to an annual rate of 1.172 million in April after plunging 9.4% to a revised rate of 1.099 million in March.
A slightly bigger than expected increase in U.S. consumer prices in the month of April, reflecting a sharp jump in energy prices. The CPI printed at 0.4% for April, up from 0.1% in March. Economists had expected prices to rise by 0.3%.
Industrial production in the U.S. rebounded by much more than anticipated in the month of April, with utilities output showing a substantial increase. The industrial production advanced by 0.7% in April, ahead of after slumping by 0.9% in March.
British house price inflation accelerated in March to the highest level in one year. The house price index climbed 9.0% year-over-year in March, faster than the 7.6% spike in the previous month. Overall U.K. inflation slowed unexpectedly in April easing to 0.3% from the 0.5% in March.
Japan's Industrial production expanded 3.8% in March from February instead of 3.6% estimated initially.
Global equity markets are broadly lower: Dow -1.24%, S&P 500 -1.13%, FTSE +0.27%, DAX -0.63%, CAC -0.34%, Nikkei +1.13%, Shanghai -0.25%.
Gold prices are up $4 (0.3%) currently trading at $1278 an ounce, WTI Crude Oil is up 1.6% currently trading at $48.53 a barrel
Current indicative rates:
NZDUSD 0.6811 0.3%
NZDEUR 0.6012 0.2%
NZDGBP 0.4708 -0.3%
NZDJPY 74.20 0.2%
NZDAUD 0.9294 -0.2%
NZDCAD 0.8790 0.3%
Upcoming Data releases (NZST):
- 10:45 - PPI Input q/q
- 10:45 - PPI Output q/q
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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