The NZDUSD opens at 0.7297 (mid-rate) this morning.
A lack of economic data to drive direction has seen currency markets trade within tight ranges over the past 24 hours. The NZDUSD is holding close to the middle of its two month 0.7200 - 0.7400 range.
Investors are likely to await tonight’s US inflation data before adding to their positions. The monthly CPI data release is the last piece of the jigsaw and another strong number should all but insure the Federal Reserve hike rates next week. The market is currently pricing in 86% of the expected 0.25% hike.
The highlight for the NZD today will be RBNZ Governor Grant Spencer’s speech titled "Getting the best out of macro-prudential policy" due for release at 12:45 this afternoon.
Global equity markets are mixed - Dow -0.42%, S&P 500 +0.01%, FTSE -0.13%, DAX +0.58%, CAC +0.04%, Nikkei +1.65%, Shanghai +0.59%.
Gold prices have edged down 0.5% trading at $1,320 an ounce. WTI Crude Oil prices have fallen sharply, down 1.4% over the past 24 hours, trading at $61.18 a barrel.
Current indicative rates:
| NZDUSD | 0.7297 | 0.1% |
| NZDEUR | 0.5911 | -0.1% |
| NZDGBP | 0.5242 | -0.4% |
| NZDJPY | 77.63 | -0.1% |
| NZDAUD | 0.9262 | -0.2% |
| NZDCAD | 0.9361 | 0.2% |
| GBPNZD | 1.9077 | 0.4% |
Upcoming Data releases (NZST):
- 10:45 - FPI m/m
- 12:45 - RBNZ Gov Spencer Speaks
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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