The Opening Bell: Where currencies start on Wednesday, October 28, 2015

By Dan Bell

The NZDUSD opens at 0.6778 (mid-rate) this morning.

The NZDUSD remains in a holding pattern ahead of tomorrow morning’s FOMC, and RBNZ statements, but has again pushed above 0.9400 against the AUD with falling commodity prices continuing to add downward pressure to the Australian dollar.

Once again the overnight U.S data releases failed to meet economists’ expectations with both durable goods orders and consumer sentiment printing well short of forecasts.

Economists had expected durable goods orders to fall by about 1.0% in September compared to a 2.3% drop in August but the report showed a 1.2% in September with August downwardly revised to -3.0%.

The consumer confidence index will also concern the Fed after it tumbled to 97.6 in October from a downwardly revised 102.6 in September economists had expected the index to slip back to 102.5 from the previously reported 103.

Global equity markets are broadly lower – Dow -0.31%, S&P 500 -0.47%, FTSE -0.81%, DAX -1.01%, CAC -1.02%, Nikkei -0.90%, Shanghai +0.14%.

Gold prices are holding steady currently trading at $1165 an ounce, WTI Crude Oil is sharply lower losing another 2.45% overnight currently trading at $42.85 a barrel.

Indicative mid-rate pricing:

NZDUSD           0.6778      -0.1%
NZDEUR           0.6138       0.0%
NZDGBP           0.4428       0.3%
NZDJPY              82.52      -0.7%
NZDAUD           0.9414       0.7%
NZDCAD           0.8986       0.8%

 


 

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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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