The Opening Bell: Where currencies start on Wednesday, August 9, 2017

By Dan Bell

The NZDUSD opens at 0.7325 (mid-rate) this morning.

The NZD has once again underperformed in what has been a fairly quiet night for both currency and equity markets. The USD strengthened against the other majors after the JOLTS job opening figures which came in above market expectations. The report showed that 6.16m job openings were created in August. The figure represents an increase of 461k and takes job openings to a new record high.

Germany’s trade surplus for June increased to a seasonally adjusted EUR 21.2B from EUR 20.3B in May, with the Destatis report showing exports unexpectedly declined by a calendar and seasonally adjusted 2.8% in June following on from a 1.5% increase in May. Imports were also down for the first time in four months, declining by 4.5%.

Investors will today look to this afternoons China inflation data for direction, while the NZD is likely to come under further pressure ahead of tomorrow morning’s RBNZ monetary policy statement.

Global equity markets with the exception on the Nikkei are positive  – Dow +0.05%, S&P 500 +0.10%, FTSE +0.14%, DAX +0.28%, CAC +0.21%, Nikkei -0.30%, Shanghai +0.07%.

Gold prices have edged down 0.2% trading at $1,258 an ounce .WTI Crude Oil prices are little changed trading at $49.17 a barrel.

Current indicative rates:

NZDUSD       0.7325      -0.4%
NZDEUR       0.6232      -0.1%
NZDGBP       0.5639      -0.1%
NZDJPY         80.92       -0.6%
NZDAUD       0.9255      -0.5%
NZDCAD       0.9277      -0.6%
GBPNZD       1.7733       0.1%

Upcoming Data releases (NZST):

  • 13:30 – CNY CPI y/y
  • 13:30 – CNY PPI y/y

 

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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »

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