The Opening Bell: Where currencies start on Wednesday, July 6, 2016

By Dan Bell

The NZDUSD opens at 0.7147 (mid-rate) this morning.

The NZD has lost ground against all of its major trading partners, with the British Pound being the only exception. 

Investors once again flocked to traditional safe-havens as global sentiment weakened last night after Bank of England Governor Mark Carney warned that risks surrounding the referendum have begun to “crystallise” and the nation has entered “a period of uncertainty and significant economic adjustment.”

This morning’s Global dairy Trade Price Index fell 0.4% from the previous auction with an average selling price of $2,345 per tonne, however the news was not all bad, as a total of 32,500 tonnes were sold at this auction an increase of 40.8% from the previous one a fortnight ago.

Euro-zone retail sales increased for the second straight month in May. The latest report showed retail sales increased by 0.4% m/m in May following a 0.2% rise in April.

New orders for U.S. manufactured goods fell by 1% in May in line with economist’s estimates. The pull back follows the 1.8% jump in April.

Global equity markets remain mixed- Dow -0.83%, S&P 500 -0.86%, FTSE +0.35%, DAX -1.82%, CAC -1.69%, Nikkei -0.67%, Shanghai +0.60%.

Gold prices continue to edge higher currently trading at $1,354 an ounce, WTI Crude Oil is sharply lower currently down 4.3% at $46.68 a barrel.

Current indicative rates:

NZDUSD       0.7141      -1.3%
NZDEUR       0.6447      -0.7%
NZDGBP       0.5485       0.8%
NZDJPY         72.53       -2.3%
NZDAUD       0.9580      -0.2%
NZDCAD       0.9275      -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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