The Opening Bell: Where currencies start on Tuesday, July 10, 2018

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By Dan Bell

The NZDUSD opens at 0.6839 (mid-rate) this morning.

The British pound is the worst performing of the G10 currencies, falling sharply after the UK Foreign Secretary Boris Johnson became the latest big-name government minister to resign in protest over Prime Minister Theresa May’s Brexit policy. Boris Johnson’s resignation comes hot on the hells of the resignation of David Davis who resigned earlier in the day after Theresa May back tracked on some of her “red lines” in the latest Brexit negotiations. In his letter of resignation Boris Johnson claimed that the UK was headed “for the status of a colony” if Theresa May’s soft Brexit plans were adopted.

Overnight survey data from think tank Sentix showed Euro-zone investor sentiment improved in July following on from June’s fall. The investor confidence index unexpectedly increased to 12.1 in July after sinking to 9.3 in June. Economists had been expecting the index to edge down to 9.0.

An absence of US data has seen the USD trade tight ranges against all its major rivals with the NZDUSD rate little changed from yesterday’s open.

During our trading day investors will look to china’s inflation data for direction with CPI for the month of June expected to inch up to 1.9% from May’s 1.8% reading.

Global equity markets are broadly higher, – Dow +1.27%, S&P 500 +0.73%, FTSE +0.92%, DAX +0.38%, CAC +0.42%, Nikkei +1.21%, Shanghai +2.47%.

Gold prices have pushed higher, up 0.4% trading at $1,259 an ounce WTI Crude Oil prices are slightly higher, up 0.3% trading at $71.78 a barrel.

Current indicative rates:

NZDUSD0.68390.0%
NZDEUR 0.58220.1%
NZDGBP0.51590.5%
NZDJPY75.790.3%
NZDAUD0.9162-0.5%
NZDCAD0.89670.1%
GBPNZD1.9383-0.5%

 

 

 

 

 

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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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