Kiwi lags ahead of European markets open

Author: Justin Low | Category: News

The New Zealand dollar is the laggard to start the session

WCRS 14-06
The kiwi's rough week continues as the currency slips further following a poor manufacturing PMI report earlier today. NZD/USD is down by just over 0.5%, sitting near session lows around 0.6533 currently.

A more cautious risk mood isn't really helping the currency as well with the aussie also being dragged slightly lower amid increasing calls/chatter about the RBA cutting rates over the next few months.

Other than that, most major currencies remain steady in narrow ranges with the dollar holding up ahead of the release of retail sales data later today. That will be the focal point of markets as it could help to provide more clues about the health of the US economy and market debate on the Fed cutting rates.

US equity futures are flat while Treasury yields are a tad lower, hinting at a cautious and subdued tone as we begin European trading. I would expect that to continue until the release of the US retail sales data so let's hope that there will be something in that to shake things up in markets as we look to wrap up the week.

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