The NZDUSD opens at 0.6871 (mid-rate) this morning.
The NZD has traded tight ranges against the majority of its rivals, as the AUD and CAD underperform.
The AUD is trading lower against all its rivals after yesterday’s Q3 GDP fell short of market expectations.
Q3 GDP expanded by 0.6% following on from a 0.8% increase in Q2, the result was just shy of the forecast 0.7% increase and puts annual GDP at 2.8% again short of the expected 3.0% result.
Earlier this morning the Bank of Canada, as expected, kept interest rates unchanged at 1.0% while in the accompanying statement Governor Stephen Poloz reiterated "While higher interest rates will be required over time, the Bank will continue to be cautious, guided by incoming data” in assessing the economy's sensitivity to further interest rates hikes.
US private sector employment for the month of November increased by 190k jobs following a 235k increase in jobs in October. The result was better than the expected 185k increase. On Friday the US non-farm-payrolls are expected to increase by 198k jobs in November after a 261k increase in October.
Global equity markets with the exception of the FTSE are weaker - Dow -0.04%, S&P 500 -0.01%, FTSE +0.28%, DAX -0.38%, CAC -0.02%, Nikkei -1.97%, Shanghai -0.29%.
Gold prices are up 0.3% trading at $1,263 an ounce. WTI Crude Oil prices have fallen, down 1.1%, trading at $56.90 a barrel.
Current indicative rates:
NZDUSD 0.6871 -0.1%
NZDEUR 0.5825 -0.1%
NZDGBP 0.5136 0.3%
NZDJPY 77.11 -0.6%
NZDAUD 0.9091 0.5%
NZDCAD 0.8797 0.7%
GBPNZD 1.9471 -0.3%
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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