The NZDUSD opens at 0.6885 (mid-rate) this morning.
The GBP the strongest performing of the G10 currencies after a stronger-than-expected employment report.
Yesterday the UK Office for National Statistics reported employment rose by 167k to a record high of 32.6m in Q4 2018. Economists had forecast an increase of 152k jobs. The Q4 jobless rate remained at a record low of 4% while wage growth matched economists' expectations of 3.4% with Q3’s previously reported 3.3% wage growth upwardly revised to 3.4%.
The Japanese yen lost value overnight after the Bank of Japan Governor Haruhiko Kuroda hinted that the central bank may look at further monetary policy easing. Mr Kuroda while speaking to parliament stated "Currency moves could have an impact on the economy and prices, so it's crucial we take into account these factors when guiding monetary policy."
This morning’s Global Dairy Trade (GDT) auction resulted in another moderate rise for the index, with the 0.9% increase marking the 6th consecutive lift in dairy prices. A total of 25,324MT of product was sold at today’s auction with skimmed milk powder and cheddar leading the way up 2.8% and 2.95 respectively. Whole milk powder prices were marginally higher, up 0.3% from the previous auction a fortnight ago.
A fall in the US Dollar Index (DXY) has seen gold prices hit a 10mth high just short of 1,345 an ounce, geopolitical uncertainties along with the possibility of monetary policy easing from major central banks are driving investors towards this safe-haven.
Global equity markets are mixed, - Dow Closed, S&P 500 Closed, FTSE -0.24%, DAX -0.01%, CAC +0.30%, Nikkei +1.82%, Shanghai +2.68%.
Gold prices are little changed trading at $1,325 an ounce. WTI Crude Oil prices continue to climb up 0.7% trading at $56.37 a barrel.
Current indicative rates:
| NZDUSD | 0.6885 | 0.6% |
| NZDEUR | 0.6066 | 0.2% |
| NZDGBP | 0.5271 | -0.4% |
| NZDJPY | 76.05 | 0.5% |
| NZDAUD | 0.9601 | 0.0% |
| NZDCAD | 0.9095 | 0.4% |
| GBPNZD | 1.8972 | 0.4% |
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Marcus Phillips is the Affiliate manager at xe money transfer in Auckland. You can contact him here »
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