The Opening Bell: Where currencies start on Thursday, July 5, 2018

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By Dan Bell

The NZDUSD opens at 0.6761 (mid-rate) this morning.

With the US celebrating Independence Day markets have been subdued, with currencies little changed from yesterday’s open.

The overnight European data was evenly balanced with Euro-zone business growth accelerating in, June with the Services purchasing managers index rising to 55.2 from a 55.0 reading in May while at the same time optimism among purchasing managers sits at its lowest level since late 2016.

The GBP is the outperformer over the past 24hrs  with the UK service sector activity expanding at its fastest pace in eight months in June. With a score above 50 signalling expansion the IHS Markit/Chartered Institute of Procurement & Supply Purchasing Managers’ Index for the service sector increased to 55.1 in June, following on from a 54.0 reading in May. Economists had forecast the index to remain unchanged at 54.0.

With little in the way of economic data during our trading day investors will look to tonight’s ADP private employment, initial jobless claims, ISM non-manufacturing index and the FOMC minutes for short-term direction, before turning their attention to Friday evening’s US non-farm payrolls ant the Chinese tariff threat deadline.

Global equity markets are broadly lower, – Dow Closed, S&P 500 Closed, FTSE -0.27%, DAX -0.26%, CAC +0.07%, Nikkei -0.31%, Shanghai -1.00%.

Gold prices have edged higher, up 0.3% trading at $1,256 an ounce WTI Crude Oil prices are slightly higher, up 0.4% trading at $71.91 a barrel.

Current indicative rates:

NZDUSD0.67610.1%
NZDEUR 0.57940.0%
NZDGBP0.5107-0.3%
NZDJPY74.690.0%
NZDAUD0.91540.1%
NZDCAD0.88820.0%
GBPNZD1.9580.3%

 

 

 

 

 

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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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USD 

NZD

End of day UTC
Source: CoinDesk

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