The Opening Bell: Where currencies start on Monday, September 4, 2017

By Dan Bell

The NZDUSD opens at 0.7141 (mid-rate) this morning.

The Kiwi traded to a low of 0.7128 last week which was the 200 moving day average target we mentioned in the Friday 25th morning update. The NZD still looks vulnerable and a break below 0.7100 opens up 0.7000 – last tested on the 24th May.

U.S. Total Non-Farm Payroll Employment increased by 156,000 in August, below the median estimate of 180,000 and the unemployment rate was little changed at 4.4%. Average hourly earnings rose 0.1%.

U.S. August Purchasing Managers’ Index (PMI) registered 58.8%, an increase of 2.5% from the July reading of 56.3%. Economic activity in the manufacturing sector expanded in August, and the overall economy grew for the 99th consecutive month. The New Orders Index registered 60.3%, a slight decrease from the July reading of 60.4%.

U.S. University of Michigan Consumer Sentiment Index climbed to 96.8 in August from July as consumers remained optimistic about their personal financial conditions, although confidence was not quite as strong as economists had estimated. The Sentiment Index has been higher during the first eight months of 2017 than in any year since 2000.

The rate of expansion in the UK manufacturing sector accelerated again in August. This was highlighted by the seasonally adjusted IHS Markit/CIPS PMI posting 56.9, up from 55.3 in July, to its second highest level in over three years.

Global equity markets are higher: Dow +0.18%, S&P 500 +0.20%, FTSE +0.11%, DAX +0.72%, CAC +0.74%, Nikkei +0.23%, Shanghai +0.19%.

Gold prices are slightly higher currently trading at $1,324 an ounce. WTI Crude Oil prices rose 0.4% trading at $47.29 a barrel.

Current indicative rates:

NZDUSD       0.7141      -0.5%
NZDEUR       0.6011      -0.3%
NZDGBP       0.5512      -0.7%
NZDJPY         78.16       -1.0%
NZDAUD       0.8996      -0.4%
NZDCAD       0.8878      -0.9%
GBPNZD       1.8140       0.7%

 


 

 

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

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