The Opening Bell: Where currencies start on Wednesday, July 11, 2018

By Dan Bell

The NZDUSD opens at 0.6838 (mid-rate) this morning.

A lack of tier one economic data has seen markets consolidate, with the NZD little changed against the majority of its trading partners.

In the first ever monthly estimate, UK gross domestic product rose 0.3% m/m in May following on from a 0.2% rise in April and a flat reading in March. The 0.3% increase is the strongest since November 2017 and increases the likelihood that the Bank of England will hike rates in August.

German investor confidence now sits at a 6-year low with survey data from the Centre for European Economic Research showing the ZEW Indicator of Economic Sentiment plummeted 8.6 points to minus 24.7 in July, its lowest level since August 2012. Economists had expected the index to edge down to -17.9 from June’s reading of -16.1.

Strikes by oil workers in Norway and Gabon have seen oil prices push higher with West Texas Intermediate crude now trading back above $72.50 a barrel.

Economic data during our trading session is again thin at best, while overnight the latest Bank of Canada monetary policy statement along with US crude oil inventories will be the main focus for investors.

Global equity markets are pushing higher, - Dow +0.5%, S&P 500 +0.24%, FTSE +0.05%, DAX +0.53%, CAC +0.67%, Nikkei +0.66%, Shanghai +0.44%.

Gold prices are little changed trading at $1,256 an ounce WTI Crude Oil prices are again higher, up 0.9% trading at $72.56 a barrel.

Current indicative rates:

NZDUSD 0.6838 0.0%
NZDEUR  0.5822 0.0%
NZDGBP 0.5153 -0.1%
NZDJPY 76.08 0.4%
NZDAUD 0.9162 0.0%
NZDCAD 0.8972 0.1%
GBPNZD 1.9383 0.0%

 

 

 

 

 

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

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USD 
NZD
End of day UTC
Source: CoinDesk

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