sign up log in
Want to go ad-free? Find out how, here.

The Opening Bell: Where currencies start on Wednesday, December 19, 2018

Currencies
The Opening Bell: Where currencies start on Wednesday, December 19, 2018

By Dan Bell

The NZDUSD opens at 0.6851 (mid-rate) this morning.

The NZD is the standout performer of the G10 currencies pushing higher after yesterday’s business confidence report produced a positive-negative. The NZD rose sharply after the ANZ business outlook survey for December improved markedly with a net 24.1% of firms surveyed expecting general business conditions to deteriorate in the coming 12 months versus 37.1% in November.

This morning’s Global Dairy Trade (GDT) auction, the final auction of 2018, has seen the index record its second consecutive rise following on from seven falls in the index up till December. This morning’s result saw the overall index rise 1.7% with whole milk powder and skimmed milk powder indexes increasing by 0.3% and 3.4% respectively.

The USD along with US Treasury yields continue to slip lower ahead of tomorrow’s FOMC announcement. Following recent comments from several Fed governors investors are now expecting the Fed to revise lower its ‘dot plot’(quarterly interest rate projections).

US equity markets have turned positive ahead of tomorrow’s Fed announcement, currently up circa 1% as traders go bargain hunting following Friday and Mondays’ sharp falls.

Crude oils prices have tumbled again overnight with concerns over global growth and oversupply. At one point oil prices traded below $47 a barrel to a 15mth low.

Global equity markets are mixed, Dow +1.19%, S&P 500 +0.91%, FTSE -1.06%, DAX -0.29%, CAC -0.95%, Nikkei -1.82%, Shanghai -0.82%.

Gold prices have inched higher up 0.3% trading at  $1,248 an ounce. WTI Crude Oil prices are once again sharply lower, down 5.5% trading at $47.69 a barrel.

Current indicative rates:

NZDUSD 0.6851 0.7%
NZDEUR  0.6023 0.5%
NZDGBP 0.5415 0.4%
NZDJPY 77.12 0.6%
NZDAUD 0.9552 0.8%
NZDCAD 0.9231 1.3%
GBPNZD 1.8467 -0.4%

Upcoming Data releases (NZST):

  • 13:00 Westpac Consumer Sentiment
  • 10:45 - Current Account

 

 

 

 

 

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

Daily benchmark rate
Source: RBNZ
Daily benchmark rate
Source: RBNZ
Daily benchmark rate
Source: RBNZ
Daily benchmark rate
Source: RBNZ
Daily benchmark rate
Source: RBNZ
Daily benchmark rate
Source: RBNZ
Daily benchmark rate
Source: RBNZ
End of day UTC
Source: CoinDesk

We welcome your comments below. If you are not already registered, please register to 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.