The NZDUSD opens at 0.7507 (mid-rate) this morning.
The big mover over the past 24hrs has been the EUR with
better than expected economic data increasing the chances
that the European Central Bank (ECB) will be in a position
to wind down its quantitative easing (QE) program later in
US economic data releases delivered mixed
results for the USD with better than expected pending home
sales countered by a larger than expected fall in the
Pending home sales for the month of
June bounced back from May’s shock fall with the National
Association of Realtors report showing sales were up 1.5% to
110.2 in June, after falling 0.7% to 108.6 in May. The index
had been forecast to rise 1%.
The Chicago business
barometer plummeted to 58.9 in July after peaking at 65.7 in
June. The fall in business activity was greater than
expected with economists forecasting the index to drop to
61.0. A breakdown of the data showed new orders index fell
by 11.6 points to 60.3 while the production index lost 6.9
points to 60.8.
Euro-zone inflation for the month of
July came in unchanged from June’s 1.3% reading according
to the Eurostat flash data report. The result was in line
Germany’s retail sales for the
month of June surged 1.1% following May’s 0.5% increase.
The result was well ahead of expectations with economists
forecasting sales to inch up by 0.1%.
In the absence
of any NZ economic data releases investors are likely to
turn their attention to this afternoons Reserve Bank of
Australia’s monthly monetary policy statement.
Global equity markets remain mixed – Dow +0.43%, S&P 500
+0.02%, FTSE +0.05%, DAX -0.37%, CAC -0.73%, Nikkei -0.17%,
Gold prices are unchanged trading
at $1,268 an ounce .WTI Crude Oil prices have edged higher,
up 0.2% at $49.81 a barrel.
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