The Opening Bell: Where currencies start on Tuesday, October 20, 2015

By Dan Bell

The NZDUSD opens at 0.6800 (mid-rate) this morning.

Homebuilder confidence in the U.S. unexpectedly improved in the month of October to 64 from a downwardly revised 61 in September. Market expectation was an unchanged result at 62.

Disappointing GDP data from China has soured the mood among investors at the start of the trading week. Gross domestic product grew 6.9%, down from 7.0% in the previous two quarters

The European Central Bank will hold its monetary policy meeting later this week in Malta. ECB President has indicated repeatedly that he is willing to go forward with further stimulus measures if they are deemed necessary.

Eurozone construction output decreased 0.2% in August after rebounding in the previous month.

A busy night data wise tonight. We have the Chinese Trade Balance, ECB Current Account, US Building Permits and Housing Starts, US Fed Chair Yellen Speaking in Washington DC, and the Global Dairy Trade (GDT) Price Index

Global equity markets are broadly lower with Europe the exception : Dow -0.23%, S&P 500 -0.25%, FTSE -0.4%, DAX +0.59%, CAC +0.03%, Nikkei -0.88%, Hang Seng +0.0% Shanghai -0.14%.

Gold prices are down 4.0% closing at $1172 an ounce, WTI Crude Oil is down 2.3% at $46.16 a barrel.

Indicative mid-rate pricing:

NZDUSD           0.6789       -0.1%
NZDEUR           0.5990        0.1%
NZDGBP           0.4388       -0.3%
NZDJPY            81.10         -0.1%
NZDAUD           0.9360        0.1%
NZDCAD           0.8839        0.7%


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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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