The NZDUSD opens at 0.7797 this morning.
The NZDUSD traded to a high of 0.7855 late yesterday evening as investors trimmed their long USD positions ahead of this week’s key data releases (ECB monetary policy meeting tonight and Friday nights US no- farm payrolls).
Following another disappointing Fonterra Auction (overall price index down 7.3%, milk powder down 10%) the NZDUSD dropped sharply back below 0.7800.
The overnight US data releases were mixed, whilst the ADP Non-Farm Employment Change came in stronger than expected 213k vs. 207k, both construction spending and Manufacturing PMI were below forecasts.
Global equity markets are broadly lower - Dow -1.35%, Nikkei -0.56%, Shanghai closed, FTSE -0.98% DAX -0.97%, CAC -1.15%
Gold is up $6.00 to $1215, Oil prices continue to fall currently down 0.63% to $90.59
The current indicative mid-rates are:
NZDUSD 0.7797
NZDEUR 0.6183
NZDGBP 0.4818
NZDJPY 85.21
NZDAUD 0.8902
NZDCAD 0.8715
Data Releases:
1:00pm ANZ Commodity Prices m/m
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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