The NZDUSD opens at 0.7345 (mid-rate) this morning.
A rebound in US retail sales in March has seen US equity markets push higher but has had little effect on the currency.
Following on from three consecutive monthly declines the US Commerce Department reported retail sales rebounded in March. With auto sales leading the way sales were up 0.6%, economists had expected a 0.4% increase. Core sales which exclude automobiles, gasoline, building materials and food services increased by 0.2%, in line with expectations.
The Empire State Manufacturing Index declined more than expected in April with the New York Fed reporting the index fell to 15.8 in April down from 22.5 in March and well below the forecast 18.6 reading. The fall was brought about by decreases in both shipment and new order growth.
US homebuilder confidence edged lower in April with the National Association of Home Builders reporting the index dipped to 69, down from 70 in March. The index had been expected to remain unchanged.
Direction during our trading day will be dictated by this afternoons China GDP data release, while the RBA meeting minutes is expected to hold few surprises and should have little effect on the NZDAUD cross rate.
Global equity markets are mixed - Dow +1.00%, S&P 500 +0.94%, FTSE -0.91%, DAX -0.41%, CAC -0.04%, Nikkei +0.26%, Shanghai -1.53%.
Gold prices are little changed, trading at $1,347 an ounce. WTI Crude Oil prices have pulled back from 3-year highs, down 1.4% to $66.39 a barrel.
Current indicative rates:
Upcoming Data releases (NZST):
- 13:30 - Monetary Policy Meeting Minutes
- 14:00 - CNY GDP q/y
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