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The NZDUSD opens at 0.7668 (mid-rate) this morning.
The NZD continues to trade a tight range with investors awaiting data releases for further direction.
On the local front at midday today we have RBNZ Asst Governor John McDermott speaking on inflation at the regional Chamber of Commerce which may prove to be a precursor to next week’s RBNZ OCR Statement.
Yesterdays Australian CPI Q1 release has seen the NZDAUD fall back below 0.99 with the market now pricing a 32% chance ( a 70% chance priced in pre CPI) that the RBA will cut their OCR at its May 5th meeting.
Overnight U.S. Existing Home Sales Jumped 6.1% (an 18 month high) with a combination of low interest rates and ongoing stability in the job market seen as the main driver.
Global equity markets are mixed - Dow +0.48%, Nikkei +1.13%, Shanghai +2.44%, FTSE -0.49% DAX -0.60%, CAC +0.36%
Gold prices have fallen sharply currently trading down $16 at $1186. Oil (WTI) is down 0.6% trading at $56.29
The current indicative mid-rates are:
NZDUSD 0.7668
NZDEUR 0.7138
NZDGBP 0.5100
NZDJPY 91.93
NZDAUD 0.9872
NZDCAD 0.9380
Domestic data releases today
10:45 - Visitor Arrivals m/m
12:00 - RBNZ Asst Governor John McDermott Speech
13:45 - CNY HSBC Flash Manufacturing PMI
15:00 - Credit Card Spending y/y
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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