The Opening Bell: Where currencies start on Tuesday, June 13, 2017

By Dan Bell

The NZDUSD opens at 0.7206 (mid-rate) this morning.

In the absence of any notable economic data releases currency markets have traded in an orderly fashion with the GBP falling further after Moody’s warned that U.K. election outcome would “complicate and probably delay” Brexit negotiations. Ahead of the shock election result British Prime Minister Theresa May had planned to start the negotiation with the European Union next Monday.

The CAD has been the best performing of the G10 currencies after Senior Deputy Governor of the bank of Canada, Carolyn Wilkins commented that the Central Bank “will assess if all the stimulus in place is still needed as economy growth continues and, ideally, broadens further”. The market has viewed this comment as a hint that a rate hike from the BOC this year, is a possibility.

Global equity markets have turned negative – Dow -0.29%, S&P 500 -0.36%, FTSE -0.21%, DAX -0.18%, CAC -0.47%, Nikkei -0.45%, Shanghai -0.59%.

Gold prices are little changed at $1,266 an ounce. .WTI Crude Oil prices have pushed higher, currently up 0.7% at $46.13 a barrel.

Current indicative rates:

NZDUSD       0.7206       0.0%
NZDEUR       0.6428       0.0%
NZDGBP       0.5692       0.4%
NZDJPY         79.15       -0.5%
NZDAUD       0.9559      -0.2%
NZDCAD       0.9603      -1.1%
GBPNZD       1.7568      -0.4%


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

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