The NZDUSD opens higher at 0.8198 this morning.
The NZDUSD traded to a high of 0.8225 after the POBC announced it would inject CNY 500bn of fresh liquidity into China’s five largest banks, boosting both commodity prices and traders risk appetite.
Fonterra's GDT Price Index remained flat, with an average selling price of $2,795 per tonne, more of a concern was that volumes were once again down with a total of 50,801 tonnes sold, at the latest auction, falling 10.9 percent from the previous one.
UK data overnight showed UK CPI in line with expectation, at 1.5%y/y. Data also showed UK house prices rising 11.7%y/y. Thursday’s Scottish referendum remains too close to call
Global equity markets (with the Dow being the exception) are lower - Dow +0.62%, Nikkei -0.23%, Shanghai -1.82%, FTSE -0.18% DAX -0.28%
Gold prices are slightly higher trading at USD$1,236, Oil price $94.79 +2.01%
The current indicative mid-rates are:
NZDUSD 0.8198
NZDEUR 0.6325
NZDGBP 0.5037
NZDJPY 87.86
NZDAUD 0.9017
NZDCAD 0.9001
Domestic data releases today:
10:45am – NZ Current Account
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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