The NZDUSD opens at 0.7371 (mid-rate) this morning.
A delayed reaction to the weekend’s US economic data has boosted the USD overnight with the NZD unable to sustain its move back above 74 US cents.
Trading has been light with the US enjoying the long weekend and investors awaiting economic data for further direction.
This morning’s PPI data is likely to have little effect on the local currency, with investors looking to tonight’s GDT auction before adding to their positions.
Global Dairy Trade (GDT) auction prices have firmed since the start of the year and dairy futures are pointing to another slight rise in prices at this evening’s event.
This afternoons RBA monetary policy meeting minutes should dictate direction for the NZDAUD cross rate, the data release is scheduled for 13:30.
Global equity markets are softer - Dow Closed, S&P 500 Closed, FTSE -0.64%, DAX -0.53%, CAC -0.48%, Nikkei +1.97, Shanghai Closed.
Gold prices are down 0.7% trading at $1,347 an ounce. WTI Crude Oil prices continue to rise, up 1.2% over the past 24 hours, trading at $62.41 a barrel.
Current indicative rates:
| NZDUSD | 0.7371 | -0.2% |
| NZDEUR | 0.5941 | -0.2% |
| NZDGBP | 0.5261 | 0.0% |
| NZDJPY | 78.54 | 0.0% |
| NZDAUD | 0.9317 | -0.1% |
| NZDCAD | 0.9259 | -0.1% |
| GBPNZD | 1.9008 | 0.0% |
Upcoming Data releases (NZST):
- 10.45 - NZ PPI Input/output q/q
- Overnight - GDT Auction
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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