The NZDUSD opens at 0.6630 (mid-rate) this morning.
Rising commodity prices led by oil (currently up 6%) has seen the NZD along with other commodity linked currencies outperform over the past 24hrs.
Crude oil prices have surged higher following reports that top OPEC officials will sit down with oil ministers from Iran and Iraq to discuss freezing production.
Overnight U.S. data releases sent mixed messages to the market with Industrial production and the producer price index exceeding economist’s estimates while Housing Starts Unexpectedly plummeted 3.8% In January.
Direction today will be dictated by this morning’s FOMC meeting minutes while on the domestic front we have PPI q/q hiting the tapes at 10:45.
Global equity markets with the exception of the Nikkei are broadly higher- Dow +1.54%, S&P 500 +1.65%, FTSE +2.87%, DAX +2.65%, CAC +2.99%, Nikkei -1.36%, Shanghai +1.08%.
Gold prices are holding steady at $1209 an ounce, WTI Crude Oil has surged higher currently up 6.2% at $30.93 a barrel.
Current indicative rates:
NZDUSD 0.6625 1.0%
NZDEUR 0.5940 0.9%
NZDGBP 0.4635 1.0%
NZDJPY 75.65 1.3%
NZDAUD 0.9239 0.0%
NZDCAD 0.9080 -0.2%
Upcoming data releases
- 10:45 PPI q/q
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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