The Opening Bell: Where currencies start on Friday, August 21, 2015

By Dan Bell

The NZDUSD opens at 0.6626 (mid-rate) this morning.

The NZD continued to trade sideways opening at similar levels to where we opened yesterday.

Jitters in equity markets saw selling pressure briefly take the NZD below 0.6600 before finding support above 0.6580.

Slightly worse than expected US Weekly Unemployment Claims helped it recover to current levels as the market continued to push back expectations of a September rate hike from the US Fed.

Elsewhere UK monthly Retail Sales data failed to have any lasting impact on markets. Including fuel, sales rose 0.1%. Low inflation along with faster wage growth and a booming housing market continue to help support consumer spending.

On the day we have Manufacturing PMI data out of China at 1:45pm followed by French and German Manufacturing PMI data out later this evening.

On the local front we have NZ Visitor Arrivals at 10:45am and NZ Credit Card Spending m/m at 3:00pm.

Global equity markets are sharply lower – Dow -1.66%, S&P 500 -1.72%, FTSE -0.56%, DAX -2.34%, CAC -1.88%, Nikkei -0.94%, Hang Seng -1.80.

Gold prices have rallied 2.17% trading at $1153 an ounce, WTI Crude Oil down 4.6% overnight trading at 6 year lows, currently at $40.80 a barrel. 

NZDUSD           0.6626        0.1%
NZDEUR           0.5916       -0.5%
NZDGBP           0.4225        0.4%
NZDJPY             81.82         0.0%
NZDAUD           0.9028        0.5%
NZDCAD           0.8673        0.2%


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

Daily exchange rates

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return 2;
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else
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return 0;
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