The Opening Bell: Where currencies start on Wednesday, November 21, 2018

The Opening Bell: Where currencies start on Wednesday, November 21, 2018

By Dan Bell

The NZDUSD opens at 0.6801 (mid-rate) this morning.

Global growth concerns are weighing heavily on equity markets with US averages extending yesterday’s sharp sell-off as investors react to the latest batch of disappointing earnings reports.

As a result of the equity market sell-off along with concerns about rising global supplies crude oil prices continue to tumble with WTI Crude at one point overnight down 7% to $53.24 a barrel. WTI is now down close to 30% from last month’s four-year high of $76.90.

This morning’s Global Dairy Trade auction has seen prices continue their fall with the overall index down 3.5%. A total of 42,966MT of product were sold at this morning’s auction with the whole milk powder and the skimmed milk powder indexes falling 1.8% and 1.65 respectively.

Overnight the US Commerce Department reported housing starts increased by 1.5% to an annual rate of 1.228 mil in October after plunging by 5.5% to a downwardly revised rate of 1.210 mil in September. The result was marginally ahead of economists’ forecasts.

Global equity markets have fallen sharply, - Dow -1.53%, S&P 500 -1.10%, FTSE -0.76%, DAX -1.58, CAC -1.21%, Nikkei -1.09%, Shanghai -2.13%.

Gold prices are little changed trading at  $1,222 an ounce. WTI Crude Oil prices have plunged lower down a further 5.7% trading at $53.24 a barrel.

Current indicative rates:

NZDUSD 0.6801 -0.5%
NZDEUR  0.5981 0.2%
NZDGBP 0.5321 0.1%
NZDJPY 76.71 -0.2%
NZDAUD 0.9416 0.4%
NZDCAD 0.9042 0.3%
GBPNZD 1.8793 -0.1%

Upcoming Data releases (NZST):

  • 15:00 – Credit Card Spending y/y

 

 

 

 

 

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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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