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The Opening Bell: Where currencies start on Wednesday, March 28, 2018

The Opening Bell: Where currencies start on Wednesday, March 28, 2018

By Dan Bell

The NZDUSD opens at 0.7274 (mid-rate) this morning.

The Kiwi tested new week highs overnight versus the USD but has given up those gains, and in the case of both the USD and Canadian dollar, are lower than this time yesterday. Global equities continued to rally higher after US and China trade talks.

The US Conference Board Consumer Confidence Index decreased in March, following an increase in February. The Index now stands at 127.7 (1985=100), down from 130.0 in February. The Present Situation Index decreased from 161.2 to 159.9, while the Expectations Index declined from 109.2 last month to 106.2 this month.

The S&P and Dow Jones Indices released the latest results for the S&P CoreLogic Case-Shiller Indices overnight, the leading measure of U.S. home prices. Data released today for January 2018 shows that home prices continued their rise across the country over the last 12 months.

US Fifth District manufacturing expanded at a slower pace in March, according to the most recent survey results from the Federal Reserve Bank of Richmond. The composite index dropped from a particularly strong reading of 28 in February to 15 in March as each of the three components (shipments, new orders, and employment) fell. However, for each of these variables, a larger share of firms predicted growth in six months than had in February.

The annual growth rate of the Euro Area broad monetary aggregate M3 decreased to 4.2% in February 2018, from 4.5% in January (revised from 4.6%). The annual growth rate of the narrower aggregate M1, which includes currency in circulation and overnight deposits, decreased to 8.4% in February, from 8.8% in January.

Global equity markets are higher except the S&P500:  Dow +0.10%, S&P 500 -0.17%, FTSE +1.62%, DAX +1.56%, CAC +0.98%, Nikkei +2.65%, Shanghai +1.05%.

Gold prices have fallen 0.7% trading at $1,344 an ounce. WTI Crude Oil prices are down 0.1% over the past 24 hours, trading at $65.30 a barrel.

Current indicative rates:

NZDUSD 0.7274 -0.3%
NZDEUR  0.5860 0.0%
NZDGBP 0.5135 0.2%
NZDJPY 76.80 0.0%
NZDAUD 0.9451 0.2%
NZDCAD 0.9358 -0.4%
GBPNZD 1.9465 -0.2%

Upcoming Data releases (NZST):

  • 1:00pm - NZD - ANZ Business Confidence

 

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

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