The NZDUSD opens at 0.7171 (mid-rate) this morning.
The NZD has traded tight ranges against all its major rivals over the past 24hrs, with US overnight economic data releases printing in line with expectations.
The US consumer price index increased by 0.3% in December following a 0.2% rise in November. The increase came on the back of rising energy prices which were up 1.5% in November after increasing by 1.2% in November. US industrial production increased by 0.8% in December after November’s unexpected 0.7% fall. The increase had be expected and with utilities output spiking 6.6% after plunging 4.6% in November.
The British pound continued to make headway against the majors following an unexpected fall in jobless claims for the month of December. The number of people claiming unemployment related benefits had been expected to increase by 5K from November but the latest report out of the Office for National Statistics showed a fall of 10.1k in claimants.
This morning New Zealand’s business manufacturing and building consents data releases should have little effect on the NZD with this afternoon's Australian employment report likely to dictate direction for the NZDAUD cross.
Global equity markets are mixed - Dow -0.22%, S&P 500 -0.07%, FTSE +0.38%, DAX +0.51%, CAC -0.13%, Nikkei +0.43%, Shanghai +0.14%.
Gold prices are little changed trading at $1,213 an ounce, WTI Crude Oil is down 2.1% currently trading at $51.64 a barrel.
Current indicative rates:
NZDUSD 0.7171 -0.3%
NZDEUR 0.6714 -0.1%
NZDGBP 0.5831 0.4%
NZDJPY 81.35 0.1%
NZDAUD 0.9511 -0.2%
NZDCAD 0.9475 0.9%
Upcoming Data releases (NZST):
- 10:30 - Business NZ Manufacturing Index
- 10:45 - Building Consents m/m
- 13:30 - Australian Employment report
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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