The NZDUSD opens lower at 0.6833 this morning.
The NZDUSD fell sharply yesterday after Business Confidence figures plunged to an 8-year low. The change and structure of the new Government was mentioned as the primary catalyst for the drop.
The EURUSD and GBPUSD were both pushed higher as the USD weakened. Month-end currency adjustments by investors and portfolio managers resulted in USD selling pressure.
The GBP performed well on optimism of a Brexit deal between the UK and the European Union could be reached at a summit next month. The NZDGBP dropped to a low of 0.5050 - a level last seen in June 2016.
For Bitcoin watchers, the cryptocurrency fell 8% as low as USD$9000 yesterday, having touched an all-time high of USD$11,395 the previous day. It is currently trading at USD$9,900.
NZ Overseas Trade Index will be released at 10:45am today.
Global equity markets were mixed on the day – Dow +1.32%, S&P500 +0.85%, FTSE -1.1%, DAX -0.3%, CAC -0.5%, Nikkei +0.6%, Shanghai -0.6%,
Gold prices are lower at USD$1,274 an ounce. Oil prices (WTI) decreased to USD$57.14 per barrel.
Have a nice weekend.
Current indicative rates:
NZDUSD 0.6833 -0.8%
NZDEUR 0.5738 -1.2%
NZDGBP 0.5054 -1.5%
NZDJPY 76.90 -0.2%
NZDAUD 0.9033 -0.7%
NZDCAD 0.8818 -0.4%
GBPNZD 1.9786 1.5%
Upcoming Data releases (NZST):
- 10:45am NZ Overseas Trade Index
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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