The NZDUSD is little changed from Friday’s close after the U.S. Non-Farm-Payrolls came in just shy of market expectations.
U.S. non-farm payroll employment increased by 223K jobs in April (expected 225k) helping to push the unemployment rate down to 5.4 percent in April from 5.5 percent in March its lowest level in almost seven years.
However with the March employment numbers downwardly revised to 85k jobs from the previously reported 126k jobs and disappointing earnings data 0.1%m/m (expected 0.2%) it was the equity markets which outperformed as investors pushed back their rate hike expectations from June to September.
The GBP has been the big mover over the weekend after the Conservative Party defied the pre-election polls and returned to power.
Global equity markets closed sharply higher on Friday - Dow +1.49%, Nikkei+0.45%, Shanghai +2.28%, FTSE +2.27%, DAX +2.65%, CAC +2.48%
Gold prices closed out the week up $3.50 at $1187 Oil (WTI) gained 0.76% on Friday closing at $59.39
The current indicative mid-rates are:
NZDUSD 0.7510
NZDEUR 0.6705
NZDGBP 0.4860
NZDJPY 89.90
NZDAUD 0.9450
NZDCAD 0.9075
Domestic data releases today
10:450 - Electronic Retail Spending
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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