NZDUSD Dropped Below 0.63 Last Week - APAC Update

. 2 min read

The AUDUSD opens at 0.6715 (mid-rate), and the NZDUSD opens at 0.6297 (mid-rate) this morning.

The AUDUSD managed to keep its head above 0.67 during typical end of the month choppy trading on Friday.

Typical end of the month choppy trading saw the NZDUSD dip below 0.63 for the first time since 2015, and although the move was retraced into the NY close the NZD has opened back below the mark this morning.

The EUR was the weakest performing of the G10 currencies with the threat of another Italian election alongside disappointing German retail sales and further talk of increased policy stimulus pushing EURUSD down through 1.10 for the first time since May 2017.

Friday’s US economic data releases were mixed with stronger than expected personal spending offset by further deterioration in consumer sentiment.

According to the Commerce Department report personal spending grew by 0.6% in July following a 0.3% rise in June. Economists had expected personal spending to climb by 0.5%.

The University of Michigan reported its consumer sentiment index for August was downwardly revised to 89.8 from the preliminary reading of 92.1. The final reading was sharply down from July’s 98.4 result.

With little in the way of domestic data releases over the coming week the NZD will again be dictated by offshore events.

US equity markets had a positive close to the month, - Dow +0.16%, S&P 500 +0.06%, FTSE +0.32%, DAX +0.85%, CAC +0.56%, Nikkei +1.19%, Shanghai -0.16%.

Gold prices edged down 0.8% on Friday closing out the month at $1,519 an ounce. WTI Crude Oil prices were down 3.1% on Friday, closing out the month at $54.89 a barrel.

Mid-market Rates

AUDUSD 0.6715 -0.2% NZDUSD 0.6297 -0.2%
AUDEUR 0.6112 0.5% NZDEUR 0.5729 0.4%
AUDGBP 0.5535 0.2% NZDGBP 0.5186 0.1%
AUDJPY 71.25 -0.6% NZDJPY 66.72 -0.8%
AUDNZD 1.0675 0.2% NZDAUD 0.9375 -0.1%
GBPAUD 1.8067 -0.2% NZDCAD 0.8382 -0.1%
      GBPNZD 1.9283 -0.1%

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