NZDUSD 0.6466 0.0% NZDEUR 0.5606 -0.3% NZDGBP 0.4895 -0.4% NZDJPY 72.77 -0.4% NZDAUD 0.9119 0.1% NZDCAD 0.8421 0.7% GBPNZD 2.0440 0.5%
A reasonably quiet day for the NZD, moving in about a 1% range before ending flat. It is actually holding up relatively well given the risk off tone, and the fact that global stocks are off about 2% across the board. The slight misses is UK data overnight were overshadowed by the latest positive Brexit news. The EU’s Chief Negotiator Barnier came out saying that 80-85% of the Brexit Treaty is agreed. He also said a deal is within reach by Wednesday, October 17. The more and more that the 17th gets priced in as a possible deal date, the more volatile it will be should the market be disappointed with a push out to November. Those with Pound exposure will need to start weighing up whether two and a half year highs are good enough, or if they are prepared to ride out the expected volatility of the coming weeks/months. Another light data day, although data is not really driving things lately, taking a back seat to headlines and positioning. US CPI overnight is the only real highlight. Global Equity markets are pretty heavily down: Dow -2.03%, S&P 500 -2.06%, FTSE -1.27%, DAX -2.21%, CAC -2.11%, Nikkei 0.16%, Shanghai +0.18%. Gold prices are up 0.3% overnight trading at $1,195 an ounce. WTI Crude Oil prices have dropped back, down 2.4% trading at $73.26 a barrel
Upcoming Data releases (NZST):
- 01:30 - US CPI m/m, US Core CPI m/m
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