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The Opening Bell: Where currencies start on Friday, October 26, 2018

Currencies
The Opening Bell: Where currencies start on Friday, October 26, 2018

By Dan Bell

The NZD opens pretty flat at 0.6512.

There has been reasonably little movement in the currencies overnight, with no major news leading to the market trading sideways.

Stocks have rebounded quite strongly off their recent lows, and are still going through a period of heightened volatility. If the respite is only temporary and they continue to sell off, it does not bode well for risk currencies like the NZD and AUD.

The Pound continues to weaken. Raab, the UK Brexit secretary said the risk of a no-deal Brexit is real if the EU engages in intransigent approach. As always these days, no positive news is a negative for the Pound.

Advanced GDP out of the States tonight is expected to come in lower at 3.3%, still strong, but lower than the 4.2% achieved last quarter.

Global Equity markets have bounced back, - Dow +1.55%, S&P 500 +2.01%, FTSE +0.59%, DAX +1.03%, CAC +1.60%, Nikkei -3.72%, Shanghai +0.02%.

Gold prices are up a touch at $1,232 an ounce, with WTI Crude Oil prices flat trading at $67.50 a barrel.

Current indicative rates:

NZDUSD 0.6512 -0.1%
NZDEUR  0.5734 0.2%
NZDGBP 0.5080 0.3%
NZDJPY 73.34 0.1%
NZDAUD 0.9204 -0.3%
NZDCAD 0.8517 0.4%
GBPNZD 1.9681 -0.3%

Upcoming Data releases (NZST):

  • 01:30- US Advanced GDP q/q

 

 

 

 

 

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

Daily exchange rates

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Source: CoinDesk

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3 Comments

Get ready
NZ$ recommended along with Singapore once the musical mystery tour ends & the music stops in US
Debt debt debt the $US will be no safe haven in GFC2 like it was in the past
I’m only quoting Schiff
Oh & buy gold stocks now not later

Up
0

Get ready
NZ$ recommended along with Singapore once the musical mystery tour ends & the music stops in US
Debt debt debt the $US will be no safe haven in GFC2 like it was in the past
I’m only quoting Schiff
Oh & buy gold stocks now not later

Up
0

Get ready
NZ$ recommended along with Singapore once the musical mystery tour ends & the music stops in US
Debt debt debt the $US will be no safe haven in GFC2 like it was in the past
I’m only quoting Schiff
Oh & buy gold stocks now not later

Up
0