Daily Currency Update

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Greenback strength pushes Kiwi down throughout trading session

NZD - New Zealand Dollar

USD strength dragged the NZD down to it’s lowest level in almost at month, to open at 0.6855 this morning. The USD gained traction, and kept momentum going on the back of rising US Treasury bond yields on Wednesday, and continued to push higher yesterday.

We can expect major movement for the Kiwi next Tuesday when the NZ Institute of Economic Research will release their Business Confidence data. Showing the level of a diffusion index based on surveyed manufacturers, it is a leading indicator of economic health.

Key Movers

Geopolitical tensions eased as US President Donald Trump signalled he will not retaliate for Iran’s missile strikes on Iraq bases housing US troops. Trump said that no Americans were harmed in these attacks, but the US will continue to look at options and look to “work together toward making a deal with Iran that makes the world a safer and more peaceful place”.

In terms of other macroeconomic news, Canada is scheduled to release their employment data just after midnight. Showing the change of number of employed people and total unemployed work force, job data is an important signal of overall economic health as consumer spending accounts for the majority of economic activity.

Expected Ranges

NZD/AUD: 0.9585 - 0.9755 ▲

NZD/CAD: 0.8560 - 0.8720 ▲

NZD/EUR: 0.5870 - 0.6035 ▲

GBP/NZD: 1.9530 - 2.0250 ▼

NZD/USD: 0.6530 - 0.6725 ▲