The NZDUSD opens at 0.7287 (mid-rate) this morning.
Carrying on from last week a lack of volatility (the VIX sits below 10) has seen currency markets continue to trade tight ranges.
After setting a new record high in May yesterday’s German business confidence index unexpectedly rose to 115.1 in June. Economists had expected the index to dip from May’s 114.6 result to 114.4.
US core durable goods and durable goods orders for the month of May came up shy of economists’ forecasts with the core orders, which were expected to increase by 0.4% edging up by 0.1%, while durable goods orders which had be expected to decrease by 0.5% decreased by 1.1%. The weaker than anticipated data saw the USD edge lower against all its rivals.
UK mortgage approvals slipped to an eight-month low in May, with the British Bankers' Association (BBA) announcing 40.347 mortgages were approved during the month, the number represents the lowest number of approvals since September 2016.
This morning New Zealand’s trade balance is expected to show a 420M surplus down from 578M last month.
Global equity markets are all positive - Dow +0.17%, S&P 500 +0.12%, FTSE +0.31%, DAX +0.29%, CAC +0.56%, Nikkei +0.10%, Shanghai +0.87%.
Gold prices are down 1.0% at $1,243 an ounce. .WTI Crude Oil have edged higher, currently up 0.8% at $43.35 a barrel.
Current indicative rates:
NZDUSD 0.7287 0.0%
NZDEUR 0.6518 0.3%
NZDGBP 0.5729 0.2%
NZDJPY 81.55 0.7%
NZDAUD 0.9612 -0.2%
NZDCAD 0.9655 0.0%
GBPNZD 1.7455 -0.2%
Upcoming Data releases (NZST):
- 10:45 - Trade Balance
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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