The Opening Bell: Where currencies start on Monday, March 21, 2016

By Dan Bell

The NZDUSD opens at 0.6800 (mid-rate) this morning.

The NZD traded off its 2016 high (0.6875) on Friday night as investors trimmed their long NZD positions ahead of 0.6900 the next technical resistance level.

 As we head into the Easter holiday season the domestic data calendar looks very light, with several minor data releases today ahead of Thursday’s trade balance.

The U.S. consumer sentiment index fell to its lowest level in 5 months in March. The preliminary reading of 90.0 surprised economists who had predicted the index to rise from February’s 91.7 to 92.2.

Global equity markets closed out the week mixed - Dow +0.69%, S&P 500 +0.44%, FTSE -0.19%, DAX +0.59%, CAC +0.44%, Nikkei -1.25%, Shanghai +1.73%.

Gold prices gave back some of Thursday’s gains down $10, closing out the week at $1254 an ounce, WTI Crude Oil rallied 2.4% over the course of the week to close at $39.44 a barrel.

Current indicative rates:

NZDUSD       0.6800      -0.8%
NZDEUR       0.6040      -0.3%
NZDGBP       0.4710      -0.5%
NZDJPY         75.90       -0.6%
NZDAUD       0.8940      -0.2%
NZDCAD       0.8845      -0.7%

Upcoming Data releases (NZST):

  • 10:00 - Westpac Consumer Sentiment
    10:45 - Visitor Arrivals m/m
    15:00 - Credit Card Spending y/y

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

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USD 
NZD
End of day UTC
Source: CoinDesk

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