The NZDUSD opens at 0.7158 (mid-rate) this morning.
Currencies have traded tight ranges overnight as investors look to this mornings’ speeches from ECB President Mario
Draghi and Fed Chair Janet Yellen for direction.
US economic data releases were ahead of expectations, with both Manufacturing PMI and the ADP Non-Farm Employment report
exceeding economists’ forecasts. The Institute for Supply Management reported a sharp rise in their non-manufacturing
index, with the index spiking to 59.8 in September, up from 55.3 in August and well ahead of the forecast 55.5 reading.
As expected employment in the US private sector for the month of September slowed, but not as fast as economists’
estimates. The report showed private sector employment rose by 135K in September following on from August’s downwardly
revised 228K jobs. Economists had forecast employment in this sector to rise by 131k jobs.
The UK services purchasing managers' index for the month of September rose to 53.6 following August’s 11mth low of 53.2.
Economists had expected the index to remain unchanged. A reading above 50.0 indicates growth.
Mario Draghi is speaking as I type while Janet Yellen is due to deliver opening remarks at a community banking
conference hosted by the Federal Reserve Bank at 08:15 this morning.
Global equity markets are mixed - Dow +0.15%, S 500 +0.16%, FTSE -0.01%, DAX +0.53%, CAC -0.08%, Nikkei +0.06%, Shanghai Closed.
Gold prices are holding steady at $1,272 an ounce. WTI Crude Oil prices are back below $50 a barrel, down 1% overnight
at $49.93 a barrel.