The NZDUSD opens at 0.7450 (mid-rate) this morning.
The NZD has underperformed against all its major trading partners after another weekend dominated by weak U.S data releases.
Headed by the U.S. consumer sentiment index, the Empire State Manufacturing Index, Capacity Utilization Rate and Industrial Production m/m all printed below economists’ estimates.
The consumer sentiment index fell from 95.9 to 88.6 (exp 95.8), the Empire State Manufacturing Index printed 3.1 (exp 5.1), and Industrial Production m/m printed -0.3% (exp 0.1).
This week’s domestic data highlights will be tomorrows RBNZ inflation expectations and Wednesday’s morning’s GDT dairy auction.
Global equity markets closed out the week mixed - Dow +0.11%, Nikkei+0.83%, Shanghai -1.59%,FTSE -0.18%, DAX -0.98%, CAC -0.71%
Gold prices closed out the week up $1.30 at $1,222 an ounce, Oil (WTI) closed out the week just below $60 a barrel at $59.69
The current indicative mid-rates are:
NZDUSD 0.7450
NZDEUR 0.6510
NZDGBP 0.4735
NZDJPY 88.90
NZDAUD 0.9270
NZDCAD 0.8950
There are no domestic data releases today.
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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