The Opening Bell: Where currencies start on Tuesday, July 11, 2017

By Dan Bell

The NZDUSD opens at 0.7274 (mid-rate) this morning.

In the absence of any notable economic data releases, and with investors happy to remain on the side lines ahead of Janet Yellen’s semi-annual testimony before Congress later this week the currency markets have continued to trade tight ranges.

Eurozone investor confidence eased in July, with last night’s Sentix report showing investor confidence index edged down to 28.3 in July from a near 10 year high of 28.4 in June. The index had been forecast to pull back to 28.2.

Germany’s trade balance for the month of May benefitted from a 1.4% increase in exports resulting in a EUR 20.3B surplus, in line with expectations.

This afternoon Australia’s NAB business confidence data release is the only economic data of any note, but is not expected to have a major effect on the NZDAUD cross rate.

Global equity markets have turned positive – Dow +0.1, S&P 500 +0.24, FTSE +0.26%, DAX +0.46%, CAC +0.40%, Nikkei +0.76%, Shanghai -0.17%

Gold prices are unchanged at $1,212 an ounce. .WTI Crude Oil prices have edged higher up 0.6% trading at $44.49 a barrel.

Current indicative rates:

NZDUSD       0.7274       0.0%
NZDEUR       0.6381      -0.1%
NZDGBP       0.5651       0.0%
NZDJPY         82.95        0.0%
NZDAUD       0.9563      -0.1%
NZDCAD       0.9369      -0.1%
GBPNZD       1.7695       0.0%


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

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