The NZDUSD opens at 0.7061 (mid-rate) this morning.
The Kiwi was the worst performing currency of the majors in the last 24 hours, down against all its major trading partners.
The RBA Index of Commodity Prices for November indicated that the index increased by 10.2% on a monthly average basis, after increasing by 8.4% in October (revised).
Americans filed for U.S. unemployment benefits last week at the fastest pace since June, indicating a possible pause in progress in the labour market. Jobless claims increased by 17,000 to 268,000 in the week ended Nov. 26.
U.S. Manufacturing expanded in November at the fastest pace in five months, indicating American producers are finding more relief in resilient domestic demand. The Institute for Supply Management’s index increased to 53.2 from 51.9 a month earlier. Readings above 50 indicate growth.
The seasonally adjusted UK Purchasing Managers’ Index (PMI) posted 53.4 in November, down further from September’s 27- month high, but above its long-run average of 51.5. The upturn in the UK manufacturing sector extended into its fourth month running during November. Rates of expansion for output and new orders both remained solid, despite growth easing further from the highs reached in September.
Global equity markets are mixed - Dow +0.24%, S&P 500 -0.38%, FTSE -0.45%, DAX -1.00%, CAC -0.39%, Nikkei +1.12%, Shanghai +0.72%.
Gold prices are currently down $6 or 0.5% at $1,166 an ounce WTI Crude Oil have surged higher following the OPEC announcement currently up 5.1% at $51.61 a barrel (that’s up 13% in 48 hours).
Current indicative rates:
NZDUSD 0.7061 -0.4%
NZDEUR 0.6640 -0.8%
NZDGBP 0.5612 -1.2%
NZDJPY 80.80 -0.2%
NZDAUD 0.9542 -0.5%
NZDCAD 0.9406 -1.1%
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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