sign up log in
Want to go ad-free? Find out how, here.

The Opening Bell: Where currencies start on Tuesday, March 3, 2015

Currencies
The Opening Bell: Where currencies start on Tuesday, March 3, 2015

By Dan Bell

The NZDUSD opens at 0.7510 this morning.

After a sharp spike higher, caused by China’s weekend cut in interest rates, the NZD drifted lower for most of yesterday’s trading session. This was despite better than expected NZ Overseas Trade Index and Chinese Manufacturing data.

China’s rate cut increased speculation the Reserve Bank of Australia will cut their Cash Rate by 0.25% to 2.00% at today’s meeting. The RBA cut rates by 0.25% last month and the markets have priced in a 65% chance of another cut today. If this occurs, the NZDAUD is likely to head even higher which will not amused the RBNZ or NZ exporters.

US and Euro-zone data was somewhat mixed overnight.

Global equity markets were mostly higher on the day – Dow +0.7%, Nikkei +0.2%, Shanghai +0.8%, FTSE-0.1%, DAX +0.1%

Gold prices dropped 0.4% to USD$1,208. Oil prices (Brent crude) fell 3.6% to USD$60.31 per barrel.

The current indicative mid-rates are:

NZDUSD           0.7510
NZDEUR           0.6710
NZDGBP           0.4890
NZDJPY              90.25
NZDAUD           0.9665
NZDCAD           0.9415

ANZ Commodity Prices Index will be released at 1:00pm today.

The Reserve Bank of Australia has an interest rate decision at 4:30pm. This is preceded by Aussie Building Approvals & Current Account at 1:30pm.

---------------------------------------------------------

To subscribe to our free daily Currency Rate Sheet and News email, enter your email address here.

Email:   

----------------------------------------------------------

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

Daily exchange rates

Select chart tabs

Daily benchmark rate
Source: RBNZ
Daily benchmark rate
Source: RBNZ
Daily benchmark rate
Source: RBNZ
Daily benchmark rate
Source: RBNZ
Daily benchmark rate
Source: RBNZ
Daily benchmark rate
Source: RBNZ
Daily benchmark rate
Source: RBNZ
End of day UTC
Source: CoinDesk

We welcome your comments below. If you are not already registered, please register to comment.

Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.