The Opening Bell: Where currencies start on Thursday, May 11, 2017

By Dan Bell

The NZDUSD opens at 0.6931 (mid-rate) this morning.

The Kiwi was the best performing currency of the majors overnight as we head into the RBNZ rate decision at 9am this morning.

The RBNZ is widely expected to leave the cash rate unchanged at 1.75%. RBNZ Governor Graeme Wheeler said earlier this year that the next move in the OCR could be up or down, given balanced risks. Inflation jumped 0.9% to 2.2% year on year in Q1, putting it in line with the 2% target midpoint for the first time since 2010.

U.S. crude stocks fell last week as refineries cut output, while gasoline stocks decreased and distillate inventories fell, the Energy Information Administration said overnight. Crude inventories fell by 5.2 million barrels in the week to May 5, compared with analysts’ expectations for a decrease of 1.8 million barrels.

Import prices in the U.S. rose by more than expected in the month of April, with the increase partly reflecting a rebound in prices for fuel imports. The Labour Department said import prices climbed by 0.5 % in April after a revised 0.1% uptick in March ahead of 0.2% expected. This was the fifth consecutive month of increases.

The Monthly U.S. Treasury Statement was released overnight. The key point was that the impact of large individual tax deposits resulted in budget receipts of $455.6 billion and a surplus of $182.4 billion.

Global equity markets are mainly higher – Dow -0.25%, S&P 500 +0.09%, FTSE +0.59%, DAX +0.07%, CAC +0.05%, Nikkei +0.29%, Shanghai -0.90%.

Gold prices are up $2 or 0.2% trading at $1,218 an ounce. WTI Crude Oil is up 2.6% currently trading at $47.26 a barrel.

Current indicative rates:

NZDUSD      0.6931       0.6%
NZDEUR      0.6380       0.7%
NZDGBP      0.5354       0.5%
NZDJPY        79.24        0.7%
NZDAUD      0.9415       0.3%
NZDCAD      0.9477       0.3%
GBPNZD      1.8668      -0.4%

Upcoming Data releases (NZST):

  •  9:00am – NZD -Official Cash Rate
  •  9:00am – NZD -RBNZ Monetary Policy Statement
  • 10:00am – NZD -RBNZ Press Conference
  • 10:45am – NZD – FPI m/m
  •  1:00pm – AUD – MI Inflation Expectations
  •  1:10pm – NZD – RBNZ Gov Wheeler Speaks

 


 

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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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for(i=0;i

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