The Opening Bell: Where currencies start on Wednesday, January 16, 2019

By Dan Bell

The British pound is the major mover overnight, down circa -1% ahead of this morning’s parliamentary Brexit vote.

MP’s will go behind closed doors at 08:00am this morning where members will vote on four backbench amendments that may reshape the current deal before then voting on the withdrawal agreement itself.

British Labour leader Jeremy Corbyn is reportedly planning to demand a no confidence vote in the government should the deal get voted down, which could lead to a general election and a possible second referendum.

Global equity markets have pushed higher overnight after China announced it would step up stimulus measures, including value-added tax cuts for certain industries. Although no details of the tax cuts have been released, Ministry of Finance officials described these tax cuts as “on a larger scale” with economists estimating the total impact will be around 2 trillion yuan (USD$300 billion).

Global equity markets are broadly higher, Dow +0.77%, S&P 500 +1.16%, FTSE +0.58%, DAX +0.33%, CAC +0.49%, Nikkei +0.96%, Shanghai +1.36%.

Gold prices have edged lower, down 0.2% trading at  $1,287 an ounce. WTI Crude Oil prices have retraced yesterday’s fall currently up 0.9% trading at $52.10 a barrel.

Current indicative rates:

NZDUSD 0.6805 -0.3%
NZDEUR  0.5975 +0.4%
NZDGBP 0.5351 +1.0%
NZDJPY 73.89 +0.1%
NZDAUD 0.9468 -0.1%
NZDCAD 0.9039 -0.2%
GBPNZD 1.8688 -1.0%

 

 

 

 

 

To subscribe to our free daily Currency Rate Sheet and News email, enter your email address here.

Email:  

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

Daily exchange rates

Select chart tabs »
The 'US$' chart will be drawn here.
Loading...
Daily benchmark rate
Source: RBNZ
The 'AU$' chart will be drawn here.
Loading...
Daily benchmark rate
Source: RBNZ
The 'TWI' chart will be drawn here.
Loading...
Daily benchmark rate
Source: RBNZ
The '¥en' chart will be drawn here.
Loading...
Daily benchmark rate
Source: RBNZ
The '¥uan' chart will be drawn here.
Loading...
Daily benchmark rate
Source: RBNZ
The '€uro' chart will be drawn here.
Loading...
Daily benchmark rate
Source: RBNZ
The 'GBP' chart will be drawn here.
Loading...
Daily benchmark rate
Source: RBNZ
The 'Bitcoin' chart will be drawn here.
Loading...
USD 
NZD
End of day UTC
Source: CoinDesk

We welcome your help to improve our coverage of this issue. Any examples or experiences to relate? Any links to other news, data or research to shed more light on this? Any insight or views on what might happen next or what should happen next? Any errors to correct?

We welcome your comments below. If you are not already registered, please register to comment or click on the "Register" link below a comment.

Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current Comment policy is here.