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XE Morning Update
The NZDUSD opens at 0.6575 (mid-rate) this morning.
Trade flows in both equity and currency markets remain light with investors winding ahead of the fast approaching holiday season.
The NZD has consolidated ahead of this morning’s quarterly GDP data release, current market expectations are for GDP to have increased by 0.5% during the September quarter amounting to an annual increase of 2.3%. This result would exceed the RBNZ’s 0.3% forecast and should help to underpin the NZD.
On the overnight economic data front German business sentiment strengthened to a six-month high with the ifo institute reporting their business climate index rose to 96.3 in December from 95.1 in November. The result was ahead of the forecast 95.5 reading.
Along with this morning’s GDP release the NZDAUD cross rate direction will be driven by this afternoon’s monthly Australian employment report due for release at 13:30. Anything short of a 15k jobs increase will put further pressure on the RBA to cut interest rates at their February meeting.
Global equity markets remain mixed, - Dow +0.02%, S&P 500 +0.04%, FTSE +0.21%, DAX -0.49%, CAC -0.15%, Nikkei -0.55%, Shanghai -0.18%
Gold prices are little changed at
$1,474 an ounce. WTI Crude Oil prices have
inched higher, up 0.3% trading at 61.01 a
barrel.
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