The Opening Bell: Where currencies start on Friday, February 10, 2017

By Dan Bell

The NZDUSD opens at 0.7185 (mid-rate) this morning.

The NZD has sold off heavily against all of its major competitors after the RBNZ Monetary Policy announcement yesterday morning

The Reserve Bank Governor Graham Wheeler left the OCR unchanged at 1.75% which was widely expected. He removed the easing bias and adopted a very neutral bias but stated that the Market was a bit ahead of itself in pricing 2017 hike.

In the week ending February 4, the advance figure for seasonally adjusted initial claims was 234,000, a decrease of 12,000 from the previous week’s unrevised level of 246,000. This is the lowest level for this average since November 3, 1973 when it was 244,000.

RBA Monetary Policy Statement is today at 1:30pm. Their cash rate is at 1.50% with inflation running at 1.5%.

Overnight data releases include UK Manufacturing Production, UK Goods Trade Balance, Canadian Employment Change and Unemployment Rate, U.S. Import Prices, University of Michigan Consumer Sentiment and Inflation Expectations and the U.S. Federal budget.

Global equity markets are higher with Japan the exception: Dow -+0.66%, S&P 500 +0.58%, FTSE +0.57%, DAX +0.86%, CAC +1.25%, Nikkei -0.53%, Shanghai +0.51%.

Gold prices have given back yesterday’s gains overnight currently down 0.6% at $1,234 an ounce, WTI Crude Oil continues to rally currently up 1.3% at $53.03 a barrel.

Current indicative rates:

NZDUSD       0.7815     -1.6%     
NZDEUR       0.6742     -1.4%      
NZDGBP       0.5741     -1.6%      
NZDJPY         81.28      -0.7%
NZDAUD       0.9416     -1.6%   
NZDCAD       0.9428     -2.0%    

 

Upcoming Data releases (NZST):

  • 1:30 – RBA Monetary Policy Statement
  • CNY -Trade Balance
  • CNY – USD-Denominated Trade Balance

To subscribe to our free daily Currency Rate Sheet and News email, enter your email address here.

Email:  

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

Daily exchange rates

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for(i=0;i

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