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The Opening Bell: Where currencies start on Wednesday, April 27, 2016

Currencies
The Opening Bell: Where currencies start on Wednesday, April 27, 2016

By Dan Bell

The NZDUSD opens at 0.6884 (mid-rate) this morning.

The NZD range traded in subdued volume yesterday after the long weekend and a steady stream of U.S. data, finishing up nearly 0.5%.

U.S. Durable Goods Orders climbed less than forecast in March as demand for capital equipment remained weak, a sign that a diminished growth outlook is impeding investment. The consensus was for a 0.6% increase, instead it was -0.2%, but this was better than the -1.3% from the month previous.

April data pointed to only a modest rebound in business activity across the U.S. service economy. At 52.1, up from 51.3 in March, the seasonally adjusted Flash U.S. Services PMI Business Activity Index picked up further from February’s 28-month low and was above the neutral 50.0 threshold.

Fifth District manufacturing activity continued to expand in April, according to the most recent survey by the Federal Reserve Bank of Richmond. The Index now stands at 14, down from 22 last month but better than the 11 forecasted.

The U.S. Conference Board Consumer Confidence Index, which had increased in March, declined moderately in April. The Index now stands at 94.2 (1985=100), down from 96.1 in March.

U.S. Fed Funds Rate and FOMC Meeting tomorrow morning 6am NZ time, followed by the RBNZ rate announcement at 9am

Global equity markets are mixed. : Dow -0.03%, S&P 500 +0.05%, FTSE +0.38%, DAX -0.34%, CAC -0.28%, Nikkei -0.49%, Shanghai +0.61%.

Gold prices are up $5 currently trading  $1242 an ounce, WTI Crude Oil has gained 3% over the past 24hrs currently trading at $43.97 a barrel.

Current indicative rates:

NZDUSD       0.6884      0.4%
NZDEUR       0.6102      0.3%
NZDGBP       0.4726     -0.1%
NZDJPY         76.72       0.7%
NZDAUD       0.8896      0.1%
NZDCAD       0.8697      0.0%

Upcoming Data releases (NZST):

  • 10:45 - NZ Trade Balance

  • 11:30 - AUD CPI q/q


 

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

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