The Opening Bell: Where currencies start on Tuesday, November 14, 2017

By Dan Bell

The NZDUSD opens at 0.6897 (mid-rate) this morning.

Commodity linked currencies including the NZD have started the week on the back foot. The British pound has been the poorest performer of the majors as political uncertainty continues to weigh on the currency.

An economic drought over the past 24 hours has led to choppy trading within tight ranges for all markets. The GBP came under pressure after The Sunday Times newspaper reported that as many as 40 Tory MPs were backing a motion of "no confidence" against the UK Prime Minister Theresa May. May continues to be criticized over her handling of the Brexit negotiations.

During our trading day this afternoon’s China data looks to be the highlight while overnight tonight a deluge of European and UK economic data reports along with speeches from Central Bank heads of The BoE, ECB, BoJ and the Federal Reserve, on monetary policy will dictate future direction.

Global equity markets are mixed- Dow +0.09%, S&P 500 +0.08%, FTSE -0.24%, DAX -0.40%, CAC -0.73%, Nikkei -1.32%, Shanghai +0.44%.

Gold prices are little changed trading at $1,277 an ounce. WTI Crude Oil prices have edged higher, up 0.2% trading at $56.84 a barrel.

Current indicative rates:

NZDUSD    0.6897     -0.5%
NZDEUR    0.5915     -0.4%
NZDGBP    0.5263      0.2%
NZDJPY      78.37      -0.4%
NZDAUD    0.9051      0.1%
NZDCAD    0.8779     -0.1%
GBPNZD    1.9001     -0.2%


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

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