The AUDUSD opens at 0.6752 (mid-rate) and the NZDUSD opens at 0.6263 (mid-rate) this morning.
Investor interest today will focus on the RBA’s rate decision with the market continuing to price in a 75% chance the RBA will cut the OCR by 25 basis points to a new record low of 0.75%. The RBA has already reduced the OCR by 50 basis points this year following consecutive 25bps cuts in June and July.
A new 11 ½ year low in ANZ's Business Confidence index has seen the NZD underperform over the past 24 hours.
According to the report the business confidence index fell to -53.5 from -52.3 in September with the index for outlook also declining to -1.8 from -0.5 in August.
The USD along with US equities have pushed higher after a Treasury Department spokeswoman Monica Crowley denied reports the Trump administration is considering delisting Chinese companies from US stock exchanges.
Crowley made the statement following the weekend’s Bloomberg report suggesting the Trump administration is contemplating ways to curb US investments in China. White House trade adviser Peter Navarro has slammed the report claiming "over half" of a Bloomberg report about potential restrictions was "highly inaccurate or simply flat-out false."
The British pound strengthened after data from the Office for National Statistics upwardly revised gross domestic product to 1.3% on an annual basis in Q2, from their previous estimate of 1.2%.
Global equity markets are mixed - Dow +0.56%, S&P 500 +0.65%, FTSE -0.24%, DAX +0.38%, CAC +0.66%, Nikkei -0.56%, Shanghai -0.92%.
Gold prices are down 2.1% to at $1,465 an ounce. WTI Crude Oil prices have fallen 1.9% currently trading at $54.71 a barrel.
Upcoming Data Releases
- NZIER Business Confidence - 10:00 NZST
- AIG Manufacturing Index - 8:30 AEST
- Building Approvals m/m - 11:30 AEST
- RBA Rate Statement - 14:30 AEST
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