The Opening Bell: Where currencies start on Tuesday, July 9, 2019

The Opening Bell: Where currencies start on Tuesday, July 9, 2019

By the XE Corporate team

The NZDUSD opens at 0.6622 (mid-rate) this morning.

Markets are reasonably subdued ahead of Fed Chair Jerome Powell's congressional testimony in the early hours of Thursday morning. Powell will be addressing congress on monetary policy and the state of the US economy, with investors keen to see the Fed’s views on potential rate cuts in the near future.

Following Friday’s stellar employment report market expectations which were for the Fed to cut rates by 50 basis points on the 31st July, are as of this morning pointing to a 25 basis point reduction in the funds rate with investors looking to Powell’s testimony before adjusting their expectations further.

Overnight data from Destatis showed Germany's industrial production and exports recovered in May with industrial output increasing by 0.3% m/m following a 2.0% fall in April. Exports were up 1.1% during May after plummeting 3.45 in April.

Global equity markets are in the red, - Dow -0.57%, S&P 500 -0.65%, FTSE -0.05%, DAX -0.20%, CAC -0.08%, Nikkei -0.98%, Shanghai -2.58%.

Gold prices are little changed, trading at $1,396 an ounce. WTI Crude Oil prices have inched higher overnight, up 0.6% Trading at $57.95 a barrel.

Current indicative rates:

NZDUSD 0.6622 0.0%
NZDEUR  0.5907 0.1%
NZDGBP 0.5292 0.1%
NZDJPY 72.02 0.3%
NZDAUD 0.9499 0.0%
NZDCAD 0.8673 0.1%
GBPNZD 1.8896 -0.1%

Upcoming Data Releases (NZT):

  • no local data today

 

 

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

Email:  

Marcus Phillips is the Affiliate manager at xe money transfer in Auckland. You can contact him here »

Daily exchange rates

Select chart tabs »

The 'US$' chart will be drawn here.
Loading...
Daily benchmark rate
Source: RBNZ
The 'AU$' chart will be drawn here.
Loading...
Daily benchmark rate
Source: RBNZ
The 'TWI' chart will be drawn here.
Loading...
Daily benchmark rate
Source: RBNZ
The '¥en' chart will be drawn here.
Loading...
Daily benchmark rate
Source: RBNZ
The '¥uan' chart will be drawn here.
Loading...
Daily benchmark rate
Source: RBNZ
The '€uro' chart will be drawn here.
Loading...
Daily benchmark rate
Source: RBNZ
The 'GBP' chart will be drawn here.
Loading...
Daily benchmark rate
Source: RBNZ
The 'Bitcoin' chart will be drawn here.
Loading...
USD 
NZD
End of day UTC
Source: CoinDesk

We welcome your help to improve our coverage of this issue. Any examples or experiences to relate? Any links to other news, data or research to shed more light on this? Any insight or views on what might happen next or what should happen next? Any errors to correct?

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.