The Opening Bell: Where currencies start on Monday, September 18, 2017

By Dan Bell

The NZDUSD opens at 0.7282 (mid-rate) this morning.
 
Disappointing US economic data releases has seen the USD slump against all its rivals, with the GBP once again the strongest performer as investors continue to price in an expected interest rate hike from the BOE. Improving global sentiment has led to JPY weakness as risk traded currencies outperform.
 
US retail sales and industrial production data releases for the month of August fell short of economists’ estimates with retail sales decreasing by 0.2% following a downwardly revised 0.3% gain in July. The report had been expected to show a 0.15 increase following July’s previously reported 0.6% gain. Industrial production for the same period declined by 0.9% with Hurricane Harvey the main contributor to the fall. The forecast was for a slight increase of 0.1% following July’s 0.4% gain.
 
Election polls as well as Thursday’s quarterly GDP data release are the key domestic drivers for the NZD this week, while Thursday’s monetary policy statements from the Federal Reserve and the BOJ along with tomorrows RBA monetary policy meeting minutes are likely to dictate direction.
 
Global equity markets closed out the week mixed – Dow +0.29%, S&P 500 +0.18%, FTSE -1.10%, DAX -0.17%, CAC Closed%, Nikkei +0.52%, Shanghai -0.53%.
 
Gold prices dipped 0.2% on Friday closing out the week at $1,319 an ounce, for a weekly loss of 1.8%. WTI Crude Oil prices gained 1.1% on Friday pushing prices up to $49.89 a barrel, for a weekly gain of 5.1%.

Current indicative rates:

NZDUSD    0.7282     1.0%
NZDEUR     0.6102     0.8%
NZDGBP    0.5367    -0.3%
NZDJPY       80.92     1.5%
NZDAUD    0.9101     0.8%
NZDCAD    0.8881     1.0%
GBPNZD    1.8632     0.3%


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

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