The NZD has traded tight ranges against all its rivals, with the USD starting off the week on the back foot. In the absence of any tier one economic data investors are once again focusing on growing tensions between the US and North Korea. In reaction to the annual joint US-South Korean military exercises, an official North Korean government newspaper warned that these exercises could lead to an "uncontrollable phase of a nuclear war."
Today, in fact the week ahead has very little in the way of economic data releases with global central bankers gathering at the annual Jackson Hole conference. The Jackson Hole event provides an opportunity for central bankers to discuss monetary policy with investors waiting for Fed Chair Janet Yellen’s economic policy symposium at the end of the week before adding to their positions.
Global equity markets are mixed - Dow +0.02%, S&P 500 +0.01%, FTSE -0.07%, DAX -0.82%, CAC -0.52%, Nikkei -0.40%, Shanghai +0.56%.
Gold prices have strengthened, up 0.6% trading at $1,292 an ounce .WTI Crude Oil prices have fallen sharply, down 2.9% trading at $47.12 a barrel.
Current indicative rates:
NZDUSD 0.7325 0.2%
NZDEUR 0.6199 -0.3%
NZDGBP 0.5678 -0.1%
NZDJPY 79.64 -0.3%
NZDAUD 0.9228 0.1%
NZDCAD 0.9207 0.1%
GBPNZD 1.7611 0.1%
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