The NZDUSD opens at 0.7212 (mid-rate) this morning.
Broad USD weakness has pushed the NZDUSD rate back above 0.7200 overnight. Ongoing concerns over Donald Trump’s economic programme has seen the USD give up ground against most of the G10 currencies.
Overnight global equity markets turned negative amid concerns about Donald Trump’s protectionist policies. In his first official day in office President Trump signalled his intention to withdraw from the Trans-Pacific Partnership and renegotiate NAFTA. Trump promised corporate executives he intends to cut taxes and regulations in an effort to re-establish manufacturing in the US, while at the same time he also warned executives they would face a "major border tax" if they move production overseas.
The negative impact of Trump’s proposed policies for China has seen the NZDAUD cross rate trade back up to the top of its recent trading range.
Global equity markets are broadly lower - Dow -0.31%, S&P 500 -0.55%, FTSE -0.68%, DAX -0.73%, CAC -0.60%, Nikkei -1.29%, Shanghai +0.44%.
Gold prices have edged higher overnight currently up 0.5% at $1,215 an ounce, WTI Crude Oil is currently trading down 1% at $52.70 a barrel.
Current indicative rates:
NZDUSD 0.7212 0.7%
NZDEUR 0.6718 0.3%
NZDGBP 0.5775 -0.3%
NZDJPY 81.61 -0.3%
NZDAUD 0.9542 0.6%
NZDCAD 0.9569 0.2%
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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