The Opening Bell: Where currencies start on Wednesday, July 10, 2019

The Opening Bell: Where currencies start on Wednesday, July 10, 2019

By the XE Corporate team

The NZDUSD opens at 0.6606 (mid-rate) this morning.

The AUD along with the GBP are the weakest performing of the G10 currencies  with the AUD selling off after NAB reported its  Business Confidence index plummeted back to 2 in June after rising to 7 in the month of May. The disappointing result shows optimism, which came on the back of the election result and expectations that the RBA were about to cut rates was short-lived.

This morning’s consumer sentiment report has the capability of adding to the current downward pressure on the AUD with economists expecting the recent slide in household sentiment to have continued.

The weakness in the pound comes after Britain’s expected new Prime Minister, Boris Johnson reaffirmed his commitment to leaving the EU in October, with or without a deal.

Global equity markets continue to soften ahead of Federal Reserve Chairman Jerome Powell’s Congressional testimony in the early hours of tomorrow morning. Powell’s speech on monetary policy and the US economy will be scrutinised for clues about the outlook for interest rates, with the Fed’s monetary policy minutes from their last meeting due for release shortly after.

Global equity markets are a little softer, - Dow -0.23%, S&P 500 -0.10%, FTSE -0.17%, DAX -0.85%, CAC -0.30%, Nikkei +0.14%, Shanghai -0.18%.

Gold prices are little changed, trading at $1,398 an ounce. WTI Crude Oil prices have traded sideways over the past 24hrs, and opens up this morning at $57.89 a barrel.

Current indicative rates:

NZDUSD 0.6606 -0.2%
NZDEUR  0.5895 -0.2%
NZDGBP 0.5299 0.1%
NZDJPY 71.88 -0.2%
NZDAUD 0.9536 0.4%
NZDCAD 0.8675 0.0%
GBPNZD 1.8871 -0.1%

Upcoming Data Releases (NZT):

  • 10:45 - FPI m/m
  • 13:30 - CNY CPI y/y

 

 

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.