The NZDUSD opens at 0.6828 (mid-rate) this morning.
The NZD has been the standout performer over the past 24hrs after yesterdays Financial Stability Report singled out housing and dairy sectors as major risks to NZ’s financial stability.
The Reserve Bank’s concerns over rising property prices has seen investors reduce their expectations of an imminent rate cut.
Overnight U.K. industrial production data failed to meet expectations, with economists expecting a 0.5% increase in industrial production for the month of March, after falling 0.2% in February, the Office for National Statistics report showed a slight increase of 0.3%.
Crude oil prices surged higher overnight after U.S. crude oil inventories surprised the market declining by 3.4m barrels for the week ending May 6. Economists had expected been expecting a slight increase of 100k barrels.
Global equity markets are mixed - Dow -1.16%, S&P 500 -0.71%, FTSE +0.09%, DAX -0.70%, CAC -0.50%, Nikkei +0.08%, Shanghai +0.16%.
Gold prices are up $10 currently trading at $1276 an ounce, WTI Crude Oil has continued to rise currently up another 3% trading at $46.04 a barrel.
Current indicative rates:
NZDUSD 0.6828 1.1%
NZDEUR 0.5980 0.6%
NZDGBP 0.4727 1.0%
NZDJPY 74.12 0.4%
NZDAUD 0.9255 0.8%
NZDCAD 0.8775 0.5%
Upcoming Data releases (NZST):
- 10:30 - Business NZ Manufacturing Index
- 10:45 - FPI m/m
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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