The NZDUSD opens at 0.6851 (mid-rate) this morning.
The NZD is down against all its major rivals as investors await tomorrow morning’s RBNZ monetary policy statement. Although it is all but a given that the RBNZ will keep interest rates unchanged for the 11th consecutive meeting, investors will be looking to the statement to see whether the Bank will alter its neutral stance in favour of an easing bias.
Overnight the US Conference Board released its monthly consumer confidence report for the month of June. The report showed the confidence index unexpectedly fell to 126.4 in June from an upwardly revised 128.8 in May. Economists had expected the index to show a marginal increase to 128.1 from the 128.0 originally reported for the previous month.
Crude oil prices spiked higher overnight after the US State Department announced that companies that currently buy Iranian crude oil must completely cut those exports by the start of November or else they will face powerful US sanctions.
Today the release of our trade balance and business confidence are expected to underwhelm and keep downward pressure on the NZD ahead of tomorrow morning’s RBNZ monetary policy statement.
Global equity markets are mixed, - Dow +0.38%, S&P 500 +0.53%, FTSE +0.37%, DAX -0.29%, CAC -0.05%, Nikkei +0.02%, Shanghai -0.52%.
Gold prices are down 0.7% trading at $1,258 an ounce WTI Crude Oil prices have surged higher, up 3.1% trading at $69.06 a barrel.
Current indicative rates:
| NZDUSD | 0.6851 | -0.6% |
| NZDEUR | 0.5882 | -0.2% |
| NZDGBP | 0.5183 | -0.2% |
| NZDJPY | 75.44 | -0.4% |
| NZDAUD | 0.9271 | -0.4% |
| NZDCAD | 0.9119 | -0.5% |
| GBPNZD | 1.9293 | 0.2% |
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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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