Daily Currency Update
NZD - New Zealand DollarThe NZD was quiet during yesterday’s trading session staying between it’s familiar ranges of 0.64 and 0.643 even on the back of RBNZ Governor Orr’s speech yesterday about the financial stability report. Financial system vulnerabilities remain elevated, and the Reserve Bank is acting with more effort to bolster financial system resilience over the longer term Governor Orr says, with proposed increases to these buffers to be announced on the 5th of December.ANZ will release their business confidence statistics later this morning, showing the level of diffusion index based on surveyed manufacturers. Expected to have a major impact on the Kiwi, it is a leading indicator of economic health and businesses react quickly to market conditions and changes in their sentiment can reflect future economic activity.The Kiwi opened against the USD at 0.6421 this morning.
Key Movers
In the UK, a YouGov poll will release their multi-level regression poll of the UK general election. An MRP is generally accepted to be more accurate than normal polling, as it is carried out nationwide and uses a mathematical model of how various groups of people are likely to vote. The MRP model correctly predicted the 2017 UK general election result that former PM Theresa May will lose her majority and is currently showing that PM Boris Johnson is on course to secure a “significant majority” a Guardian journalist said, citing a source who has seen the poll. We saw a plethora of data being release in the US ahead of Thanksgiving day tomorrow, with the most important of these being the Chicago PMI. This data shows the level of diffusion index based on a survey of around 200 purchasing managers in Chicago and came in at 46.3, lower than it’s forecasted rate of 47.2 indicating contraction. In terms of other macroeconomic data, over in Canada they will be releasing their monthly GDP data just after midnight on Saturday. The data will show the change in the inflation-adjusted value of all goods and services produced in the economy and is the primary gauge of the economy’s health.
Expected Ranges
- NZD/AUD: 0.9440 - 0.9535 ▲
- NZD/CAD: 0.8460 - 0.8595 ▲
- NZD/EUR: 0.5850 - 0.5915 ▲
- GBP/NZD: 1.9760 - 2.0365 ▼
- NZD/USD: 0.6375 - 0.6490 ▲