The NZDUSD opens at 0.7107 (mid-rate) this morning.
After pulling back from the highs late yesterday afternoon the NZDUSD has traded a fairly tight range overnight, briefly dipping back below 71 US cents.
In line with expectations Fonterra’s GDT price index increased by 3.5%, with whole milk powder prices rising by 4.9%. Prices have now increased in the last 8 out of 9 auctions with prices now sitting at the 6 month highs. Volumes were down 6% from the previous auction with a total of 22,472 tonnes selling under the hammer.
Overnight new orders for U.S. manufactured goods for the month of October printed ahead of expectations, rising by 2.7% following a 0.6% increase in September.
German factory orders for the month of October grew at the fastest pace in more than two years, with the report showing a 4.9%m/m increase in factory orders the fastest growth since July 2014.
Direction for the NZD today will be dictated by RBNZ Gov Wheeler’s speech at 11:00am, while the NZDAUD cross rate will be influenced by this afternoons Australian quarterly GDP report.
Global equity markets have continued to edged higher - Dow +0.10%, S&P 500 +0.15%, FTSE +0.49%, DAX +0.85%, CAC +1.26%, Nikkei +0.47%, Shanghai -0.16%.
Gold prices are little changed at $1,168 an ounce WTI Crude Oil has given back some of its recent gains currently down 2.2% at $50.85 a barrel.
Current indicative rates:
NZDUSD 0.7107 -0.5%
NZDEUR 0.6635 0.2%
NZDGBP 0.5607 0.0%
NZDJPY 81.02 -0.2%
NZDAUD 0.9541 -0.1%
NZDCAD 0.9441 -0.2%
Upcoming Data releases (NZST):
- 11:00 - RBNZ Gov Wheeler Speaks
- 13:30 - Australia GDP 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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