The Opening Bell: Where currencies start on Thursday, March 10, 2016

The Opening Bell: Where currencies start on Thursday, March 10, 2016

By Dan Bell

The NZDUSD opens at 0.6790 (mid-rate) this morning.

Increased risk appetite and a rebound in commodity prices, led by crude oil, has seen the NZD out-perform ahead of this morning’s RBNZ rate statement.

Last night U.K. industrial production increased for the first time in three months, in January, but the monthly increase of 0.3% fell short of economists estimates of a 0.6% increase from Decembers -1.1% decline.

Overnight the European Central bank is expected to cut its deposit rate by 10 basis points to minus 0.4% in an effort to boost inflation and stimulate economic growth.

Gold prices have given back some of their recent gains currently down $8 trading at $1257 an ounce, WTI Crude Oil has rebounded overnight currently up 4% trading at $37.95 a barrel.

Current indicative rates:

NZDUSD       0.6790      0.5%
NZDEUR       0.6151      0.2%
NZDGBP       0.4773      0.4%
NZDJPY         76.80       0.9%
NZDAUD       0.9040      -0.2%
NZDCAD       0.8995      -0.7%

Upcoming data releases:

  • 09:00 - RBNZ Rate Statement
  • 09:05 - RBNZ Rate Statement
  • 12:10 - RBNZ Gov Wheeler Speaks
  • 14:30 - CNY CPI y/y

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

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