The NZDUSD opens lower at 0.7810 this morning.
Major news overnight was the Swiss National Bank discontinuing its 1.20 floor exchange rate against the EUR. This caused chaos in the markets with the CHF ranging over 25% on the day.
The AUD finished up in the wake of this news topping out just below 0.8300 before settling at current levels.
Australia saw very strong labour market data yesterday with the unemployment down at 6.1%, increased participation and a 37k rise in employment. This helped AUD in being one of the better performers overnight.
Higher than expected Unemployment Claims out of the US was among other US data that was largely dominated by the Swiss Bank announcement and ignored by markets.
NZD/EUR makes fresh all time highs above 0.6740
Global equity markets mainly up on the day – Dow -0.13%, Nikkei +1.86%, Shanghai +3.54% FTSE+1.73%, DAX +2.20%
Gold prices finished +2.28 % at USD$1,262. Oil finished at -2.12%
The current indicative mid-rates are:
NZDUSD 0.7810
NZDEUR 0.6730
NZDGBP 0.5140
NZDJPY 91.10
NZDAUD 0.9510
NZDCAD 0.9350
US Core CPI m/m release over the weekend.
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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