NZDUSD 0.6553 -0.8% NZDEUR 0.5661 -0.4% NZDGBP 0.5098 -0.6% NZDJPY 73.05 -0.4% NZDAUD 0.9131 -0.3% NZDCAD 0.8634 -0.1% GBPNZD 1.9616 0.6%
Investors are again flocking to safe-havens as increased trade tensions spark a fresh sell-off in emerging market currencies. The USD has pushed higher against all its rivals as emerging market currencies tumble toward record lows on contagion risks. Overnight South Africa’s rand plummeted to its lowest level in more than 2-years with the economy now officially in recession for the first time since 2009. Indonesia’s rupiah is the latest of the emerging market currencies to approach record lows against the USD following in the footsteps of the Turkish Lira, Argentine Peso and the Indian Rupee. Adding to USD strength the ISM reported its purchasing managers index climbed to 61.3 in August up from 58.1 in July and well ahead of the forecast 57.7 reading. US construction spending in the month of July edged higher, up 0.1% after declining by an upwardly revised 0.8% in June. The British pound pushed higher after Bank of England governor Mark Carney all but confirmed that he will extend his contract as head of the Central bank beyond his planned June 2019 departure to help ensure Britain leaves the European Union as smoothly as possible. Carney has been the BOE governor since July 2013. Direction for the NZDAUD cross rate will be dictated by this afternoon’s Australian quarterly GDP result, with economists forecasting 0.7% growth. Equity markets are broadly lower, - Dow -0.06%, S&P 500 –0.26%, FTSE -0.62%, DAX -1.10%, CAC -1.13%, Nikkei -0.05%, Shanghai +1.10%. Gold prices are down 0.7% trading at $1,192 an ounce. WTI Crude Oil prices are little changed, trading at $69.77 a barrel.
UPCOMING DATA RELEASES (NZST): - 13:00 - ANZ Commodity Prices m/m - 13:30 – AUD GDP q/q
How much does your FX cost you?
We are partners of MSCNewsWire and assist many of their readers, partners and clients to manage their foreign exchange requirements more effectivly and effciently. Benefits that our clients receive include:
√ Better Exchange rates √ No TT fees √ Access to ur global payment network√ 24/7 online platform and a personal dealer
As NZ's largest non-bank FX provider and "The World's Trusted Currency Authority" we can quickly and simply provide you a Free and No Obligation alternative to work alongside your existing bank relationship.
If you would like to discuss please feel free to contact Doug Warren from the XE team anytime: