The Opening Bell: Where currencies start on Tuesday, October 24, 2017

By Dan Bell

The NZDUSD opens at 0.6965 (mid-rate) this morning.

Friday’s aggressive sell-off of the NZD continued into the New York close with the NZDUSD trading down 2% before finding support during yesterday’s trading session. Further direction for the NZD will be driven by the new coalition government’s policies, with modifications to the RBNZ Act, immigration and foreign ownership of property all key factors.

The GBP has had a strong start to the week following last week’s European Council summit, with investors hopeful of a transition deal by the middle of next year. The British pound has been the strongest performer of the G10 currencies.

On the international economic data front monetary policy statements out of the bank of Canada (Thursday morning) and the European Central Bank (Friday morning) ahead of the weekend’s US advanced GDP report.

Global equity markets have edged higher - Dow +0.03%, S&P 500 +0.02%, FTSE +0.02%, DAX +0.09%, CAC +0.27%, Nikkei +1.11%, Shanghai +0.06%.

Gold prices are little changed, down 0.5% trading at $1,280 an ounce. WTI Crude Oil prices have pushed higher, up 1.0% overnight currently sitting at $51.85 a barrel.

Current indicative rates:

NZDUSD    0.6965     
NZDEUR    0.5933     
NZDGBP    0.5277     
NZDJPY      79.22      
NZDAUD    0.8925     
NZDCAD    0.8807     
GBPNZD    1.6855     


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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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1 Comments

Importers with high debt level will start to struggle in new zealand and i know some that were hoping for 75 but now? well it could go .65 and that will mean a lot of pain for importers.