The NZDUSD opens at 0.6556 (mid-rate) this morning.
Geopolitical tensions continue to dominate markets with global equity markets all registering steep losses.
Last night, in an unprecedented move the European Commission rejected the Italian budget stating that the an draft budgetary plan constituted serious non-compliance with the fiscal recommendation addressed by the Council in July and has told the country they have three weeks to present a revised plan. European equity markets along with the EUR fell sharply following the announcement.
Growing concerns about tensions in Saudi Arabia following the alleged killing of journalist Jamal Khashoggi are also keeping investors nervous with the JPY along with gold prices benefitting amid risk aversion.
This morning Destatis reported Germany's producer prices rose 3.2% year-on-year in September following a 3.1% rise in August. The result was ahead of economist’s forecasts of a 3.0% increase.
The only economic data of note over the next 24hrs is European flash PMI for October.
Global Equity markets are a sea of red, - Dow -0.81%, S&P 500 -0.96%, FTSE -1.24%, DAX -2.17%, CAC -1.69%, Nikkei -2.67%, Shanghai -2.26%.
Gold prices are up 1.0% trading at $1,233 an ounce. WTI Crude Oil prices have plummeted, down 3.7% overnight trading at $66.60 a barrel.
Current indicative rates:
| NZDUSD | 0.6556 | 0.0% |
| NZDEUR | 0.5712 | 0.0% |
| NZDGBP | 0.5047 | -0.1% |
| NZDJPY | 73.71 | -0.3% |
| NZDAUD | 0.9252 | 0.0% |
| NZDCAD | 0.8582 | 0.0% |
| GBPNZD | 1.9814 | 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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