The NZDUSD opens at 0.7582 (mid-rate) this morning

The NZDUSD opens at 0.7582 (mid-rate) this morning.

The NZDUSD finds itself back at the top of its recent range once again testing 0.7600 resistance, this despite another disappointing GDT auction.

In this month's second auction, Fonterra's GDT Price Index dipped 3.6 percent, with an average selling price of $2,620 per tonne, this is a 10.8% fall from the previous sale. There was better news for volumes with a total of 25,596 tonnes selling up 10.5% from the last auction.

The USD is broadly lower following the release of the U.S. Industrial Production report which fell short of economists’ expectations. The report showed industrial production fell by 0.6% in March after inching up by 0.1% in February. Economists had expected production to drop by 0.3%.
ECB President Draghi delivered an upbeat statement pinpointing Economic and credit improvements in the Euro-zone were leading to improvement in the balance of risk.

Global equity markets remain mixed - Dow +0.57%, Nikkei -0.20%, Shanghai -1.24%, FTSE +0.30% DAX +0.03%, CAC +0.70%.

Gold prices have rallied currently trading up $9 at $1202, Oil (WTI) has gained a further 5% trading at $55.86.

The current indicative mid-rates are:

NZDUSD 0.7582
NZDEUR 0.7102
NZDGBP 0.5108
NZDJPY 90.35
NZDAUD 0.9885
NZDCAD 0.9336

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