The NZDUSD opens at 0.7162 (mid-rate) this morning.
Currency and equity markets have remained in a holding pattern ahead of this morning’s FOMC monetary policy meeting minutes data release.
Overnight the UK Office for National Statistics upwardly revised their Q4 GDP growth estimate from the previously reported estimate of 0.6% to 0.7%. The main contributor to the increase came from manufacturing output, which grew 1.2% versus the previous estimate of 0.7%.
German Business Confidence unexpectedly improved this month with the index rising to 111.0 in February from an upwardly revised 109.9 in January. Economists had been expecting the index to dip to 109.6.
U.S. Existing Home Sales printed ahead of expectations with the National Association of Realtors report showing existing home sales spiked 3.3% to an annual rate of 5.69 million in January after falling by 1.6% to a revised 5.51 million in December. January’s sales pace is the strongest recorded since February 2007.
Global equity markets are mixed- Dow +0.1%, S&P -0.12%, FTSE +0.38%, DAX +0.28%, CAC +0.15%, Nikkei -0.01%, Shanghai +0.24%.
Gold prices are little changed, trading at $1,233 an ounce, WTI Crude Oil has fallen 1.6% overnight currently trading at $53.53 a barrel.
Current indicative rates:
NZDUSD 0.7162 0.0%
NZDEUR 0.6789 0.0%
NZDGBP 0.5755 0.1%
NZDJPY 81.27 -0.1%
NZDAUD 0.9316 -0.1%
NZDCAD 0.9452 0.3%
Upcoming Data releases (NZST):
- 08:00 - FOMC Meeting Minutes
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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