The Opening Bell: Where currencies start on Wednesday, January 25, 2017

By Dan Bell

The NZDUSD opens at 0.7259 (mid-rate) this morning.

The good start to the week for the NZD continued yesterday with the dollar advancing against the majority of the majors trading to a 10 week high of 0.7275 against the greenback.

The big news overnight was delivered by the UK Supreme Court when they ruled that the “government cannot trigger Article 50 without an act of parliament authorising it to do so”, the pound spiked as the ruling was announced but gave back its gains shortly afterwards. Although the ruling represents a blow to Prime Minister Theresa May’s intended timetable on Brexit. “It is important to remember that parliament backed the referendum by a margin of six to one and has already indicated its support for getting on with the process of exit to the timetable we have set out,” a spokesman said.

Eurozone Flash PMI registered 54.3 in January slightly behind December’s 54.4 result. Although growth edged slightly lower in both the manufacturing and services sectors the rate of expansion is still a strong number.

This afternoon New Zealand’s Credit Card Spending y/y data release is likely to have little effect on the NZD, while Australia’s inflation data due to hit the tapes at 13:30 will dictate direction for the NZDAUD cross rate.

Global equity markets are mixed – Dow +0.46%, S&P 500 +0.42%, FTSE -0.01%, DAX +0.43%, CAC +0.18%, Nikkei -0.55%, Shanghai Closed.

Gold prices are holding steady at $1,213 an ounce, WTI Crude Oil has clawed back yesterday’s fall currently up 1.5% at $53.50 a barrel.

Current indicative rates:

NZDUSD       0.7259        0.7%
NZDEUR       0.6757        0.6%
NZDGBP       0.5797        0.4%
NZDJPY         82.55        1.2%
NZDAUD       0.9569       0.3%
NZDCAD       0.9536      -0.3%


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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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return 2;
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return 0;
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