The NZDUSD opens at 0.6772 (mid-rate) this morning.
The EUR was the strongest performing currency on Friday helped higher after news broke that European Union leaders had reached a hard-fought agreement on migration. The agreement offers respite to German Chancellor Angela Merkel’s coalition government, which had been in danger of falling apart in the event that a deal could not be reached.
The British pound received a boost after a better-than-expected revision to Britain’s Q1 growth. The Office for National Statistics final reading showed gross domestic product increased by 0.2% sequentially in Q1, an upward revision of 0.1% from the previous report.
Personal income in the US increased in line with economist estimates in the month of May, with the Commerce Department reporting personal income climbed by 0.4% following on from a downwardly revised 0.2% result in April. April was originally reported to have increased by 0.2%.
With very little in the way of domestic drivers, investors will look to Friday’s FOMC meeting minutes along with the weekend’s non-farm-payrolls for direction.
Global equity markets finished the quarter in positive territory, - Dow +0.23%, S&P 500 +0.08%, FTSE +0.28%, DAX +1.06%, CAC +0.+91%, Nikkei +0.15%, Shanghai +2.17%.
Gold prices edged higher on Friday up 0.3% closing out the quarter at $1,252 an ounce. WTI Crude Oil prices edged lower on Friday, to close out the quarter at $72.46 a barrel.
Current indicative rates:
| NZDUSD | 0.6772 | 0.3% |
| NZDEUR | 0.5818 | -0.4% |
| NZDGBP | 0.5142 | -0.4% |
| NZDJPY | 74.88 | 0.3% |
| NZDAUD | 0.9158 | -0.3% |
| NZDCAD | 0.8905 | -0.6% |
| GBPNZD | 1.9447 | 0.4% |
Upcoming Data releases (NZST):
- 13:45 - China Caixin Manufacturing PMI
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Dan Bell is the senior currency strategist at xe money transfer in Auckland. You can contact him here »
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