By Dan Bell
The NZDUSD opens at 0.6632 (mid-rate) this morning.
Global equity markets have pushed higher with sentiment improving on the back of this week’s low-level trade talks between China and the US.
An absence of economic data has seen currency markets consolidate with investors looking ahead to Thursday’s FOMC meeting minutes and the weekend’s meeting of central bankers at Jackson Hole for guidance.
On Monday following 8-years of austerity measures Greece emerged from its third and final bailout. Beginning in 2010 Greece received a total of EUR 289b in three tranches, in 2010, 2012, and 2015. Greece can now borrow again on international markets to fund its activities and although they are currently due to start repaying some of the loans in 2023 they have requested a ten year extension from the Board of Directors of the European Financial Stability Facility.
Direction for the NZDAUD cross rate will be dictated by this afternoon’s RBA monetary policy meeting minutes due for release at 13:30, while overnight the latest global dairy trade auction will hold investors’ attention ahead of tomorrow’s retail sales report.
Global equity markets are broadly higher, – Dow +0.36%, S&P 500 +0.29%, FTSE +0.43%, DAX +0.99%, CAC +0.65%, Nikkei -0.32%, Shanghai +1.11%.
Gold prices have edged higher, up 0.3% trading at $1,188 an ounce. WTI Crude Oil prices have inched up 0.3% trading at $66.38 a barrel.
Current indicative rates:
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Dan Bell is the senior currency strategist at xe money transfer in Auckland. You can contact him here »