The NZDUSD opens at 0.6521 (mid-rate) this morning.
Risk appetite is on the rise after President Donald Trump announced a delay in imposing tariffs on imported vehicles and parts from the European Union, Japan and removed tariffs of 25% on steel and 10% on aluminium on both Canada and Mexico imports. Both announcements made post Friday’s close.
The Australian dollar is the strongest performing of the G10 currencies following the weekends shock election result, with Scott Morrison’s Coalition on track to remain in power after defeating Bill Shorten's labour party.
The weekend’s US economic data releases showed consumer sentiment has surged higher over the course of this month with the University of Michigan preliminary report showing the index has spiked to 102.4 after a final reading of 97.2 in April. Economists had forecast the index to inch up to 97.5.
Wednesday’s quarterly retail sales data release should prove to be the key domestic driver for the NZD while monetary policy minutes from both the RBA and FOMC along with the UK’s inflation data and Euro-zone PMI’s will be closely monitored by investors ahead of the weekend’s European parliamentary elections.
Global equity markets closed out the week mixed, - Dow -0.38%, S&P 500 -0.58%, FTSE -0.07%, DAX -0.58%, CAC -0.18%, Nikkei +0.89, Shanghai -2.48%.
Gold prices gave back Thursday’s gains on Friday closing out the week at $1,277 an ounce. WTI Crude Oil prices were little changed on Friday, down 0.2% closing out the week at $62.92 a barrel.
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