The Opening Bell: Where currencies start on Wednesday, March 6, 2019

By the XE Corporate team

The NZDUSD opens lower at 0.6802 (mid-rate) this morning.

The NZDUSD fell overnight as the USD climbed after better-than-forecast data on the US services industry and new single-family home sales eased concerns about the strength of the US economy.

Milk prices climbed while volumes dropped at Fonterra’s first Global Dairy Trade auction of the month. The GDT index rose 3.3%, while prices for major Whole Milk Powder category surged 6.0%.

The AUD rose a little after the Reserve Bank of Australia left the cash rate unchanged (1.5%) yesterday and clung to a relatively upbeat outlook, despite recent softer data. The RBA’s central forecast is for the Australia economy to grow at 3.0% in 2019. The NZDAUD dipped in response.

RBA governor Lowe is due to give a speech titled “The Housing Market and the Economy” this morning, followed by the eagerly anticipated Q4 GDP release.

The GBP fell on speculation few UK lawmakers would back Prime Minister Theresa May’s proposed Brexit deal, and there was little progress in talks with the EU.

The CAD weakened due to a combination of trade troubles with China, political scandal, and expectation that Bank of Canada may be getting close to reverse interest rate policy direction and begin to cut rates.

There is no data scheduled on the NZ calendar today.

Global equity markets were mostly higher on the day - Dow +0.4%, S&P 500 -0.3%, FTSE +0.7%, DAX +0.2%, CAC +0.2%, Nikkei -0.4%, Shanghai +0.9%.

Gold prices are fell 0.1% to USD$1,285 an ounce, while WTI Crude Oil prices rose 0.1% to US$56.59 per barrel.

Current indicative rates:

NZDUSD 0.6802 -0.2%
NZDEUR  0.6016 0.0%
NZDGBP 0.5164 -0.2%
NZDJPY 76.07 -0.1%
NZDAUD 0.9598 -0.1%
NZDCAD 0.9073 -0.1%
GBPNZD 1.9365 0.2%

Upcoming Data releases (NZST):

  • No local data today
  • 11:10am - Reserve Bank of Australia Governor Lowe speaks on the Australian housing market and the economy
  • 1:30pm  - Australian Q4 GDP release

 

 

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Marcus Phillips is the Affiliate manager 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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