By Dan Bell
The NZDUSD opens higher at 0.6800 this morning.
The USD slipped overnight, which helped nudge the NZDUSD higher, ahead of Friday’s eagerly anticipated US quarterly GDP release.
The EUR performed well overnight after data indicated robust business growth, but concerns over a potential trade war with the US kept the currency in a narrow range.
The GBP strengthened modestly, but its outlook is hazy over economic concerns and Brexit angst.
The CAD rose in step with higher oil prices and solid economic data.
Bitcoin jumped to a 2-month high on reports about impending US approval for a cryptocurrency exchange-traded fund. However, Bitcoin has still lost over 1/3 of its value in 2018.
NZ Trade Balance will be released at 10:45am, followed by Australian inflation data at 1.30pm.
Global equity markets were higher on the day – Dow +0.8%, S&P500 +0.5%, FTSE +0.7%, DAX +1.1%, CAC +1.0%, Nikkei +0.5%, Shanghai 1.6%.
Gold prices gained 0.8% to USD$1,225 an ounce. Oil prices (WTI) jumped higher to USD$68.49 per 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 »