The NZDUSD opens at 0.6740 (mid-rate) this morning.
In what has been a sluggish start to the week the NZD has traded off of Friday’s highs and finds itself trading slightly lower against all its major trading partners.
Further direction will be dictated by tonight’s Global dairy Trade Auction and tomorrows quarterly employment report.
Overnight Euro-zone and U.S. manufacturing data printed in line with economists’ estimates while the U.K. Manufacturing PMI for the month of October surprised the market by expanding at its fastest pace in sixteen months (economists had expected the index to fall to 51.3 from Septembers 51.8 print).
Global equity markets remain mixed mixed - Dow +0.61%, S&P 500 +0.81%, FTSE +0.01%, DAX +0.93%, CAC +0.38%, Nikkei -2.10%, Shanghai -1.70%.
Gold prices have had a slow start to the week currently down $8 to $1134 an ounce, WTI Crude Oil has also given up some of last month’s gains currently down 1.2% at $46.15 a barrel.
Indicative mid-rate pricing:
NZDUSD 0.6740 -0.3%
NZDEUR 0.6117 -0.2%
NZDGBP 0.4370 -0.1%
NZDJPY 81.35 -0.6%
NZDAUD 0.9442 -0.1%
NZDCAD 0.8828 -0.1%
Upcoming Data releases (NZST):
13:00 - ANZ Commodity Prices m/m
16:30 – RBA Rate Statement
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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