The NZDUSD opens at 0.6785 (mid-rate) this morning.
Broad risk-appetite has helped the NZD rebound off yesterday’s lows with the NZDUSD pushing back towards US 68 cents.
Optimism surrounding the latest round of trade talks between the US and China has led to an increase in risk appetite with global equity markets posting gains overnight. An article in the Financial Times reported US and Chinese officials have “resolved most of the issues standing in the way of a deal” with the fate of existing US tariffs on Chinese goods and the terms of an enforcement mechanism demanded by Washington to ensure that China abides by the deal the two key issues to be resolved.
The AUD is the strongest performing of the G10 currencies benefitting from upbeat domestic economic data, with both their trade surplus and retail sales for the month of February coming in well ahead of expectations.
Earlier this morning the ADP reported US private sector employment for the month of March increased by 129k following an upwardly revised 197k jobs increase in February. The result was disappointing with economists predicting an increase of 170k jobs compared to the addition of 183k jobs originally reported for February.
With little in the way of economic data ahead of Friday night’s Non-Farm Payrolls we expect the NZD to consolidate at current levels.
Global equity markets are on the rise, - Dow +0.26%, S&P 500 +0.49%, FTSE +0.37%, DAX +1.70%, CAC +0.84%, Nikkei +0.97%, Shanghai +1.24%.
Gold prices are little changed trading at $1,291 an ounce. WTI Crude Oil prices have stabilised and are trading at $62.42 a barrel.
Current indicative rates:
Upcoming Data releases (NZST):
- no local data today
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