The Opening Bell: Where currencies start on Friday, August 28, 2015

By Dan Bell

The NZDUSD opens at 0.6460 (mid-rate) this morning.

The NZD gained half a percent from yesterday’s open as global equity markets bounced back overnight.

US Preliminary GDP came in better than market expectations. GDP was up 3.7% q/q ahead of 3.2% expected.

USD Unemployment claims were close to expectations of 275k, printing at 271k. Tonight the US Trade Balance, Consumer Sentiment, Personal Spending and PCE Price Index will be of significant interest to the market.

The Jackson Hole Symposium starts today. The Economic Symposium, held in Jackson Hole, Wyoming, is attended by central bankers, finance ministers, academics, and financial market participants from around the world.

The meetings are closed to the press but officials usually talk with reporters throughout the day. Comments and speeches from central bankers and other influential officials can create significant market volatility.

The net migration to the U.K. rose significantly in the year ending March 2015 to the highest on record. Immigration rose by 84,000 in March 2015, while emigration fell by 9,000 from prior year. UK GDP figures are released tonight.

Global equity markets are up except the S&P which is down a fraction: Dow +1.54%, S&P 500 -0.21%, FTSE +3.56%, DAX -+3.18%, CAC +3.49%, Nikkei +1.08%, Shanghai -5.34%.

Gold prices are down $1 to $1123 an ounce, WTI Crude Oil is up 9.3% overnight trading at $42.35 a barrel.

NZDUSD           0.6460        0.5%
NZDEUR           0.5745        1.5%
NZDGBP           0.4190        0.9%
NZDJPY             78.15         1.8%
NZDAUD           0.9010        -0.4%
NZDCAD           0.8540        -0.4%


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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 0;
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