The Kiwi opens at 0.6742.
The market has been about as exciting as a wet rugby game between Scotland and England. It was expected to be a quiet start to the week, and there has been no disappointment on that front.
The AUD threatened to get interesting, with a bit of a jump on solid home loan data. This is considered Tier 3 data, and usually you would not see much movement on the back of it, but given the perilous state of the Australian housing market, and the quite large beat, the AUD gained a good 25 points, before trading back down over the European session to where we started.
The malaise should not last however. Tomorrow, as is often the case with Thursdays, shapes to be a big day. Late tonight we have GDP data out of the UK, followed by the EU setting their Main Refinancing Rate. Admittedly given the shadow of Brexit, I wouldn’t expect too many surprises out of the EU. However US CPI, expected to come in at 0.3%, could definitely move the market if we get much of a miss.
Throughout the day tomorrow, and closer to home, we have Chinese CPI at 13:30 NZT. This has a direct effect on the AUD, and can effect exchange rate pretty instantly.
Global equity markets were mostly lower on the day - Dow -0.72%, S&P 500 -0.57%, FTSE -0.35%, DAX -0.94%, CAC -0.65%, Nikkei +0.19%, Shanghai -0.16%.
Gold prices rose 0.8% to USD$1,308 an ounce. WTI Crude Oil prices are off a touch to US$64.09, down 0.4%.
Current indicative rates:
Upcoming Data releases (NZST):
- 12:30- Westpac (AU) consumer sentiment
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