The Opening Bell: Where currencies start on Tuesday, January 23, 2018

The Opening Bell: Where currencies start on Tuesday, January 23, 2018

By Dan Bell

The NZDUSD opens at 0.7304 (mid-rate) this morning.

The USD weakened further overnight with the NZDUSD retesting last week’s high’s before news that the US Senate were close to reaching the 60 votes needed to reopen the government reversed the move. This morning Senator Chuck Schumer speaking on the floor of the Senate announced that the Democrats and Republicans had come to an agreement that would allow both sides to vote to re-open the government and as I type the Senate has voted overwhelmingly 81 to 18 to end the partial shutdown.

This afternoon the Bank of Japan are not expected to announce any major changes to monetary policy despite recent signs of economic strength. Although the economy showed steady improvement during 2017, inflation remains well below the Bank of Japan’s target of 2%. Earlier this month it was reported that the Bank had purchased fewer longer-dated bonds than usual in its regular operations and the media will look question Governor Kuroda as to whether this is a sign of what’s to come at the post meeting press conference.

Global equity markets are broadly higher - Dow +0.27%, S&P 500 +0.42%, FTSE -0.20%, DAX +0.22%, CAC +0.28%, Nikkei +0.03%, Shanghai +0.39%.

Gold prices are unchanged $1,331 an ounce. WTI Crude Oil prices are up 0.4% trading at $63.56 a barrel.

Current indicative rates:

NZDUSD 0.7304 0.3%
NZDEUR  0.5971 0.5%
NZDGBP 0.5239 -0.2%
NZDJPY 81.18 0.7%
NZDAUD 0.9125 0.0%
NZDCAD 0.9103 -0.2%
GBPNZD 1.9098 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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USD 
NZD
End of day UTC
Source: CoinDesk

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