The AUDUSD opens at 0.6854 (mid-rate) and the NZDUSD opens at 0.6575 (mid-rate) this morning.
Trade flows in both equity and currency markets remain light with investors winding down ahead of the fast approaching holiday season.
The AUD has consolidated ahead of this morning’s monthly employment report which is expected to show an increase of 15k jobs in November helping reverse the 19k jobs lost in October. Anything short of this will put further pressure on the RBA to cut rates at their February meeting.
The NZD has consolidated ahead of this morning’s quarterly GDP data release, current market expectations are for GDP to have increased by 0.5% during the September quarter amounting to an annual increase of 2.3%. This result would exceed the RBNZ’s 0.3% forecast and should help to underpin the NZD.
On the overnight economic data front German business sentiment strengthened to a six-month high with the ifo institute reporting their business climate index rose to 96.3 in December from 95.1 in November. The result was ahead of the forecast 95.5 reading.
Global equity markets remain mixed - Dow +0.02%, S&P 500 +0.04%, FTSE +0.21%, DAX -0.49%, CAC -0.15%, Nikkei -0.55%, Shanghai -0.18%
Gold prices are little changed at $1,474 an ounce. WTI Crude Oil prices have inched higher, up 0.3% trading at 61.01 a barrel.