The NZDUSD opens at 0.6761 (mid-rate) this morning.
With little in the way of economic data over the past 24 hours, currency markets have lacked direction and as such have traded tight ranges.
Reversing last months unexpected slowdown in the pace of growth in New York manufacturing activity, the Federal Reserve Bank of New York reported its headline general business conditions index rose to 10.1 in April. Economists had predicted the index to increase to 6.0 after slumping to 3.7 in March. The greater than expected increase was largely due to an increase in the new order index which rose to 7.5 in April after falling to 3.0 in March.
Earlier this morning Chicago Fed President Charles Evans expressed concern that inflation had fallen back below the Fed’s 2% target after a rise in 2018 and said “I can see the funds rate being flat and unchanged into the fall of 2020.”
US equity markets have turned negative after Goldman Sachs reported better than expected first quarter earnings but revenues fell short of market expectations. Bank of America, Morgan Stanley and American Express are due to release their earnings reports later this week.
This afternoon the release of the RBA minutes from this month’s meeting will dictate direction for the NZDAUD cross rate ahead of tomorrow morning’s NZ inflation report.
Global equity markets are mixed, – Dow -0.13%, S&P 500 -0.12%, FTSE +0.00%, DAX +0.17%, CAC +0.11%, Nikkei +1.37%, Shanghai -0.34%.
Gold prices are little changed trading at $1,288 an ounce. WTI Crude Oil prices have slipped lower, down 0.8% and are trading at $63.51 a barrel.
Current indicative rates:
Upcoming Data releases (NZST):
- 11:30 – Monetary Policy Meeting Minutes
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