The NZDUSD opens at 0.6846 (mid-rate) this morning.
The NZDUSD has traded a 90 point or 1.3% range this week and opens this morning modestly lower than Monday’s open.
The number of Americans filing for unemployment benefits unexpectedly fell last week, suggesting a rapid tightening of the labor market. Initial claims for state unemployment benefits slipped 2,000 to a seasonally adjusted 236,000 for the week ended Dec. 2. Economists polled by Reuters had forecast claims rising to 240,000 in the latest week.
In October 2017, German Industrial production was down by 1.4% from the previous month on a price, seasonally and working day adjusted basis. French Trade Balance was worse than expected at +5.0 Billion. The market was expecting a deficit of 4.7 Billion. However the NZDEUR is down 0.4% from yesterday.
Swiss unemployment was confirmed at 3.0%. Compare that with NZ’s 4.6% unemployment and the US’s 4.1% unemployment.
Major Data releases overnight tonight we have US Non-Farm Employment change, US Unemployment rate, US Average Hourly Earnings, and UK Manufacturing Production.
Global equity markets are mixed: Dow +0.45%, S&P 500 +0.35%, FTSE -0.37%, DAX +0.36%, CAC +0.18%, Nikkei +1.45%, Shanghai -0.67%.
Gold prices plunged 1.3% or $16 down to $1,251 an ounce. WTI Crude Oil prices have fallen 0.4%, trading at $56.67 a barrel.
Current indicative rates:
NZDUSD 0.6846 -0.4%
NZDEUR 0.5801 -0.4%
NZDGBP 0.5099 -0.7%
NZDJPY 77.18 0.1%
NZDAUD 0.9097 0.1%
NZDCAD 0.8778 -0.2%
GBPNZD 1.9604 -0.3%
Upcoming Data releases (NZST):
- 10:45am - NZD - Manufacturing Sales q/q
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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