The NZDUSD opens at 0.6881 (mid-rate) this morning.
The NZD has lost ground against all its rivals with the EUR the standout performer over the past 24 hours.
The EUR strengthened overnight on the back of better than expected German economic growth in the third quarter along with a sharp uptick in Euro-zone economic confidence. Germany's Q3 gross domestic product increased by 0.8% following 0.6% growth in Q2 and ahead of economists’ forecasts. On an annualised basis GDP is sitting at 2.8% up from 2.3% in Q2 and above a forecast 2.3% result. Euro-zone economic confidence now sits at a 6 month high with the indicator up 4.2 points to 30.9, the indicator had been expected to hit 29.3 up from 26.7 in October.
UK inflation remains at a five and a half year high with Consumer prices increasing by 3% in October from a year ago, the result was slightly below economists’ estimates of a 3.1% increase.
The US producer price index for the month of October increased by 0.4% following 0.4% and 0.2% increases in September and August respectively.
Crude oil prices plummeted after the US Energy Information Administration (EIA) released a report projecting an increase in oil production in the US of 80k barrels a day the increase comes on the back of increased drilling productivity in seven key oil and gas producing regions.
Global equity markets are tracking lower- Dow -0.24%, S&P 500 -0.25%, FTSE -0.01%, DAX -0.31%, CAC -0.49%, Nikkei -0.00%, Shanghai -0.53%.
Gold prices are little changed trading at $1,278 an ounce. WTI Crude Oil prices have plunged, currently down 2.3% trading at $55.54 a barrel.
Current indicative rates:
NZDUSD 0.6881 -0.2%
NZDEUR 0.5848 -1.1%
NZDGBP 0.5233 -0.6%
NZDJPY 78.13 -0.3%
NZDAUD 0.9024 -0.3%
NZDCAD 0.8763 -0.2%
GBPNZD 1.9110 0.6%
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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