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The Opening Bell: Where currencies start on Wednesday, June 8, 2016

Currencies
The Opening Bell: Where currencies start on Wednesday, June 8, 2016

By Dan Bell

The NZDUSD opens at 0.6975 (mid-rate) this morning.

Global sentiment has improved over the past 24hrs with oil prices breaking up through $50 a barrel, helping to push equity markets and commodity-linked currencies higher.

Yesterday afternoon the Reserve Bank of Australia kept their OCR unchanged at 1.75% and signalled there won’t be another cut anytime in the near future, the AUD was immediately higher in reaction, taking the NZD with it.

Overnight Euro-zone GDP was upwardly revised from the previous reported 0.5% to 0.6% for the first quarter.

Tomorrow morning’s RBNZ Rate Statement will be the main driver for the NZD with the market currently pricing in a 40% chance of a 25 basis point rate cut.

Global equity markets are broadly higher- Dow +0.39%, S&P 500 +0.41%, FTSE +0.18%, DAX +1.65%, CAC +1.19%, Nikkei +0.58%, Shanghai +0.07%.

Gold prices are holding steady currently trading at $1245 an ounce, WTI Crude Oil has broken up through $50 currently trading at $50.37 a barrel

Current indicative rates:

NZDUSD       0.6975      0.6%
NZDEUR       0.6140      0.6%
NZDGBP       0.4795       0.0%
NZDJPY        74.83         0.3%
NZDAUD       0.9348     -0.6%
NZDCAD       0.8902      0.2%

 


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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »

Daily exchange rates

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Source: RBNZ
Source: RBNZ
Source: RBNZ
Source: RBNZ
Source: RBNZ
Source: RBNZ
Source: RBNZ
Source: CoinDesk

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