By Dan Bell
The NZDUSD opens at 0.6772 (mid-rate) this morning.
The EUR was the strongest performing currency on Friday helped higher after news broke that European Union leaders had reached a hard-fought agreement on migration. The agreement offers respite to German Chancellor Angela Merkel’s coalition government, which had been in danger of falling apart in the event that a deal could not be reached.
The British pound received a boost after a better-than-expected revision to Britain’s Q1 growth. The Office for National Statistics final reading showed gross domestic product increased by 0.2% sequentially in Q1, an upward revision of 0.1% from the previous report.
Personal income in the US increased in line with economist estimates in the month of May, with the Commerce Department reporting personal income climbed by 0.4% following on from a downwardly revised 0.2% result in April. April was originally reported to have increased by 0.2%.
With very little in the way of domestic drivers, investors will look to Friday’s FOMC meeting minutes along with the weekend’s non-farm-payrolls for direction.
Global equity markets finished the quarter in positive territory, – Dow +0.23%, S&P 500 +0.08%, FTSE +0.28%, DAX +1.06%, CAC +0.+91%, Nikkei +0.15%, Shanghai +2.17%.
Gold prices edged higher on Friday up 0.3% closing out the quarter at $1,252 an ounce. WTI Crude Oil prices edged lower on Friday, to close out the quarter at $72.46 a barrel.
Current indicative rates:
Upcoming Data releases (NZST):
To subscribe to our free daily Currency Rate Sheet and News email, enter your email address here.
Dan Bell is the senior currency strategist at xe money transfer in Auckland. You can contact him here »