The NZDUSD opens at 0.6931 (mid-rate) this morning.
The NZD along with other commodity linked currencies edged lower on Friday with very little in the way of economic data to dictate direction.
Helped by better than expected industrial production for the month of September, the GBP was the strongest performer of the G10 currencies. According to the Office for National Statistics industrial production expanded for sixth consecutive month in September, increasing by 0.7% m/m, well ahead of the forecast 0.3% increase, with August’s previously reported 0.2% increase upwardly revised to 0.3%.
The latest University of Michigan US consumer sentiment index fell further than expected in November with the index falling to 97.8 following a 100.7 reading in October. Economists had expected a reading of 100.0.
Direction for markets this week will be driven by central bank commentary with bank Governors from Japan, UK, Europe and the US all speaking over the course of the week.
Global equity markets softened on Friday, - Dow -0.17%, S&P 500 -0.08%, FTSE -0.68%, DAX -0.42%, CAC -0.50%, Nikkei -0.82%, Shanghai +0.14%.
Gold prices edged lower on Friday, down 0.8% closing out the week at $1,276 an ounce, WTI Crude Oil prices slipped lower on Friday, trimming last week’s gains by 1% closing out the week at $56.74 a barrel.
Current indicative rates:
NZDUSD 0.6931 -0.5%
NZDEUR 0.5938 -0.6%
NZDGBP 0.5252 -0.7%
NZDJPY 78.65 -0.1%
NZDAUD 0.9041 -0.2%
NZDCAD 0.8785 -0.4%
GBPNZD 1.9041 0.7%
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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