The NZDUSD opens at 0.7305 (mid-rate) this morning.
The US dollar index slumped to a 3-year low overnight helping the NZD break up through 73 US cents for the first time since our election stalemate.
Both the NZD and AUD are benefiting from a strengthening CNY with the USDCNY cross rate setting a new 20-month low of 6.4189 following last week’s better than expected Chinese trade and inflation data.
The EUR has climbed to its highest level against the USD since December 2014, with investors hoping that a coalition between Angela Merkel’s conservative bloc and the Social Democrats will be finalised this week.
The key drivers for the NZD over the next 24 hours are this morning’s business confidence report and tonight’s GDT auction.
Global equity markets have edged lower - Dow Closed%, S&P 500 Closed, FTSE -0.12%, DAX -0.34%, CAC -0.13%, Nikkei +0.26%, Shanghai -0.54%.
Gold prices are little changed up 0.1% to $1,340 an ounce. WTI Crude Oil prices continue to push higher, up 0.6% trading at $64.59 a barrel.
Current indicative rates:
| NZDUSD | 0.7305 | 0.7% |
| NZDEUR | 0.5952 | 0.1% |
| NZDGBP | 0.5291 | 0.2% |
| NZDJPY | 80.61 | 0.1% |
| NZDAUD | 0.9162 | -0.1% |
| NZDCAD | 0.9071 | 0.4% |
| GBPNZD | 1.8900 | -0.2% |
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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