The NZDUSD opens at 0.7297 (mid-rate) this morning.
The Kiwi has traded a 95 point range or 1.3% in the last 24 hours after the FOMC left the Fed Funds Rate unchanged at 0.75%. The NZD traded to a high of 0.7338 before retesting support at 0.7300 and opens just under the figure.
A huge rebound in commodity exports has delivered a record trade surplus for Australia of $3.5 billion in December. The surplus expanded by 72% on the upwardly revised $2 billion reported in November, which broke the sequence of 30 consecutive months of deficits.
In the week ending January 28, the advance figure for U.S. seasonally adjusted initial claims was 246,000, a decrease of 14,000 from the previous week's revised level. The previous week's level was revised up by 1,000 from 259k to 260k.
The Bank of England’s Monetary Policy Committee (MPC) sets monetary policy to meet the 2% inflation target, and in a way that helps to sustain growth and employment. At its meeting ending on 1 February 2017, the Committee voted unanimously to maintain Bank Rate at 0.25%.”
Tonight’s data releases include PMI for the UK, Spain, Italy, Germany, U.S.and France; then U.S. Ave Hourly Earnings, U.S. Non-Farm Employment change, U.S. Unemployment rate, U.S. Factory Orders and U.S. ISM Non-manufacturing PMI.
It is a NZ Bank Holiday on Monday in observance of Waitangi Day.
Global equity markets are mixed: Dow -0.13%, S&P 500 -0.10%, FTSE +0.47%, DAX -0.27%, CAC -0.01%, Nikkei -1.22%, Shanghai +0.31%.
Gold prices are up $14 or 1.2%, currently trading at $1,218 an ounce, WTI Crude Oil has also traded higher, up 1.1% at $53.67 a barrel.
Current indicative rates:
NZDUSD 0.7297 0.7%
NZDEUR 0.6760 0.2%
NZDGBP 0.5812 1.4%
NZDJPY 82.17 -0.1%
NZDAUD 0.9513 -0.8%
NZDCAD 0.9496 0.1%
Upcoming Data releases (NZST):
- 1:00 - ANZ Commodity Prices m/m
- 2:45 - CNY - Caixin Manufacturing PMI
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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