The Opening Bell: Where currencies start on Friday, July 8, 2016

By Dan Bell

The NZDUSD opens at 0.7230 (mid-rate) this morning.

The NZDUSD has rallied strongly overnight after the RBNZ Deputy Gov Grant Spencer signalled new measures to tackle the effect of investors and possible borrowing being limited linked to people’s incomes.

No firm deadline was given but most believe it will be before the end of the year, which now lessens the chance of a RBNZ rate cut.

The Reserve Bank told the Government to review immigration policy in a bid to stem rising house prices, warning that moderating housing demand was a “team effort”.

Private sector employment in the U.S. increased by 172k jobs in June following a downwardly revised increase of 168k jobs in May. Economists had expected an increase of 150k jobs in June compared to the addition of 173k jobs originally reported for May.

U.S. Initial jobless claims showed an unexpected pullback, falling to 254k, a 3 month low, and a decrease of 16k from the previous week’s revised level of 270k.

The final June US PMI services-sector data was revised marginally higher to 51.4 from the flash 51.3, but markets were expecting a slightly larger upward revision. The composite index was confirmed at 51.2 from 50.9 previously.

Germany’s Industrial Production logged the biggest decline in nearly 2 years in May down 1.3%, reversing a revised 0.5% rise in April. Production was expected to climb 0.1%.

U.K. Industrial Production declined 0.5% in May, reversing a revised 2.1% rise in April. This was the biggest fall in 5 months but was smaller than the expected decline of 1%.

Global equity markets remain mixed: Dow -0.31%, S&P 500 -0.27%, FTSE -+1.09%, DAX +0.49%, CAC +0.80%, Nikkei -0.67%, Shanghai -0.1%.

Gold prices are currently down $3 or -0.2% trading at $1,360 an ounce, WTI Crude Oil is down sharply 4.3% currently at $45.2 a barrel.

Current indicative rates:

NZDUSD       0.7230      1.3%
NZDEUR       0.6535      1.7%
NZDGBP       0.5602      1.5%
NZDJPY         72.81       0.8%
NZDAUD       0.9660      1.8%
NZDCAD       0.9402      1.8%


 

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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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