The Opening Bell: Where currencies start on Thursday, June 8, 2017

By Dan Bell

The NZDUSD opens at 0.7191 (mid-rate) this morning.

The NZD has had mixed fortunes over the past 24hrs with the AUD the standout performer on the back of a better-than-expected Q1 GDP report, and the CAD the worst performing of the G10 currencies weakening on the back of plummeting oil prices.

A lack of US economic data releases has seen markets tread water overnight, with investors looking to tonight’s trifecta of events for direction. Former FBI Director James Comey has released a prepared testimony confirming Donald Trump pressured him to drop investigations related to an ongoing probe into Russia’s meddling in the 2016 election. Comey is due to testify to congress tonight.

The European Central Bank (ECB) are expected to keep interest rates unchanged at tonight’s monetary policy meeting, while a lack of inflation is likely to see the ECB resist calls for them to start tapering QE.

UK voters head to the polls tonight with the latest election polls showing the Conservatives with a seven point lead the first exit polls are expected to be released at 11:00am tomorrow morning.

Crude oil futures fell sharply after US inventories increased by 3.3 million barrels in the week ended June 2. The result came as a complete surprise with analysts expecting a decrease of 3 million barrels.

Global equity markets are mixed Dow +0.21%, S&P 500 +0.11%, FTSE -0.62%, DAX -0.14%, CAC -0.07%, Nikkei +0.02% Shanghai +1.23%.

Gold prices are trading slightly lower, down 0.5% at $1,285 an ounce .WTI Crude Oil prices have plummeted, currently down 4.4% at $45.96 a barrel.

Current indicative rates:

NZDUSD       0.7194       0.1%
NZDEUR       0.6386       0.2%
NZDGBP       0.5551      -0.3%
NZDJPY         79.01        0.4%
NZDAUD       0.9525      -0.4%
NZDCAD       0.9723       0.6%
GBPNZD       1.8014       0.3%

Upcoming Data releases (NZST):

  • Tentative – CNY Trade Balance

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

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