The NZDUSD opens at 0.6781 (mid-rate) this morning.
Concerns over global trade continue to weigh on sentiment with equity markets and risk-linked currencies underperforming. At the conclusion of the weekend’s G20 meeting and after Donald Trump accused both the European Union and China of currency manipulation, IMF Managing Director Christine Lagarde urged that trade conflicts be resolved via “international cooperation without resorting to exceptional measures”.
In the only economic data release of note the National Association of Realtors (NAR) reported existing home sales in the US unexpectedly decreased for the third consecutive month in June. The report showed existing home sales fell by 0.6% to an annual rate of 5.36m in June following on from a downwardly revised 5.41m in May. Sales in June had been forecast to increase by 0.5%.
Once again there is very little in the way of economic data during our trading day to drive direction, while overnight European and US PMI data will be monitored closely by investors.
Global equity markets have started the week mixed, - Dow -0.01%, S&P 500 +0.19%, FTSE -0.30%, DAX -0.10%, CAC -0.37%, Nikkei -1.33%, Shanghai +1.07%.
Gold prices are down 0.6% trading at $1,224 an ounce WTI Crude Oil prices are little changed trading at $66.56 a barrel.
Current indicative rates:
| NZDUSD | 0.6781 | -0.1% |
| NZDEUR | 0.5801 | 0.3% |
| NZDGBP | 0.5177 | 0.1% |
| NZDJPY | 75.57 | 0.0% |
| NZDAUD | 0.9193 | 0.4% |
| NZDCAD | 0.8933 | 0.1% |
| GBPNZD | 1.9316 | -0.1% |
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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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