The Opening Bell: Where currencies start on Tuesday, September 11, 2018

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By Dan Bell

The NZDUSD opens at 0.6525 (mid-rate) this morning.

The British Pound is once again the standout performer surging higher overnight following further positive comments from Brexit negotiator Michel Barnier and stronger-than-expected economic growth in  July.

Mr Barnier while speaking at a conference in Slovenia, announced that it is  both “realistic” and “possible,” for a deal on Brexit could be agreed in six to eight weeks. Barnier’s words were well received by investors with the pound up circa 1% against its major rivals and back above the key 1.30 level against the USD.

The Office for National Statistics GDP report for the month of July revealed the UK economy expanded at the fastest pace in almost a year. With services leading the way and retail sales not far behind gross domestic product grew 0.6% in the three months to July, its fasted pace since Aug 2017. Economists had forecast growth at 0.5% on the month and 0.4% on the second quarter.

The US dollar is treading water amid a lack of tier one US economic data, with investors awaiting this week’s CPI, retail sales, and industrial production reports later in the week.

Equity markets are mixed, – Dow -0.05%, S&P 500 +0.31%, FTSE +0.02%, DAX +0.22%, CAC +0.33%, Nikkei +0.30%, Shanghai -1.21%.

Gold prices are little changed trading at $1,196 an ounce. WTI Crude Oil prices are holding steady trading at $67.47 a barrel.

Current indicative rates:

NZDUSD0.6525-0.2%
NZDEUR 0.5625-0.5%
NZDGBP0.5005-1.0%
NZDJPY72.480.0%
NZDAUD0.9177-0.2%
NZDCAD0.8583-0.3%
GBPNZD1.9981.1%

 

 

 

 

 

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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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