The NZDUSD opens at 0.6769 (mid-rate) this morning.
Yesterday’s stronger-than-expected trade balance has seen the NZD make modest gains against the majority of its trading partners.
Sentiment improved overnight after German business confidence exceeded expectations rising to 107.7 in May from a revised 106.7 in April. Euro-zone finance ministers agreed to release the next tranche of bailout funds. The International Monetary Fund released 10.3 billion euros of bailout loans after the Greece parliament agreed to meet unpopular austerity measures on Sunday.
Once again the market lacked direction in the absence of any notable U.S. economic data releases. Investors appear to be waiting for the durable goods orders, Unemployment Claims, and Prelim GDP data releases before adding to their positions.
Global equity markets are broadly higher - Dow +1.01%, S&P 500 +0.80%, FTSE +0.70%, DAX +1.47%, CAC +1.13%, Nikkei +1.57%, Shanghai -0.23%.
Gold prices have slipped 0.5% trading at $1223 an ounce this morning, WTI Crude Oil is up another 2% and closing in on $50 a barrel, it is currently trading at $49.69.
Current indicative rates:
NZDUSD 0.6769 0.5%
NZDEUR 0.6065 0.3%
NZDGBP 0.4603 0.0%
NZDJPY 79.59 0.7%
NZDAUD 0.9402 0.2%
NZDCAD 0.8825 -0.3%
Upcoming Data releases (NZST):
- 14:00 - Annual Budget Release
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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