The Opening Bell: Where currencies start on Friday, May 5, 2017

By Dan Bell

The NZDUSD opens at 0.6861 (mid-rate) this morning.

The Kiwi is down against the majority of currencies but flat against the AUD and CAD.

The NZDUSD now sitting just above major support at 0.6850, and if this is broken then the Kiwi would be susceptible to a larger move lower, probably to 0.6672, the 30th May 2016 low.

UK service providers experienced a sustained rebound in business activity during April, supported by the fastest upturn in new work so far in 2017. Job creation also picked up to a four-month high, driven by renewed pressures on operating capacity. A strong pace of input cost inflation persisted in April, which contributed to the steepest rise in prices charged by service sector firms since July 2008.

The GBP has strengthened 3 cents or 5.3% in the last 30 days against the Kiwi. 

U.K. service providers are confident about their prospects for growth over the year ahead, but the degree of optimism moderated for the third month running to its weakest since November 2016. At 55.8 in April, up from 55.0 in March, the headline seasonally adjusted Markit/CIPS Services PMI Business Activity Index posted above the 50.0 no-change threshold for the ninth month in a row.

Filings for U.S. unemployment benefits dropped more than forecast last week, consistent with a robust labor market, a Labor Department report showed Thursday. Key Points • Jobless claims decreased by 19,000 to a three-week low of 238,000 (forecast was 248,000) in the week ended April 29.

In March 2017 compared with February 2017, the seasonally adjusted volume of retail trade rose by 0.3% in the Euro area (EA19).

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced overnight that the goods and services deficit was $43.7 billion in March, down $0.1 billion from $43.8 billion in February, revised. The U.S. trade deficit was narrower than forecast in March as record exports of services partly cushioned a drop in merchandise shipments.

Global equity markets are mixed: Dow -0.11%, S&P 500 -0.01%, FTSE +0.19%, DAX +0.96%, CAC +1.35%, Nikkei +0.70%, Shanghai -0.25%.

Gold prices continue to edge lower, down 0.6% currently trading at $1,247 an ounce .WTI Crude Oil are little changed currently trading at $47.81 a barrel.

Current indicative rates:

NZDUSD      0.6861      -0.2%
NZDEUR      0.6245      -1.0%
NZDGBP      0.5309      -0.5%
NZDJPY        77.12       -0.4%
NZDAUD      0.9265       0.0%
NZDCAD      0.9439       0.1%
GBPNZD      1.8831       0.5%

Upcoming Data releases (NZST):

  • 11:30am – AUD – AIG Construction Index
  •  1:30pm – AUD – RBA Monetary Policy Statement
  •  3:00pm – NZD -Inflation Expectations q/q
  •  All day – JPY – Bank Holiday

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Email:  

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

Daily exchange rates

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