Currency and Equity Markets Trading Tight Ranges Ahead of Data out of Europe and the US

. 2 min read

The AUDUSD opens at 0.7037 (mid-rate) and the NZDUSD opens at 0.6768 (mid-rate) this morning.

It’s been a quiet start to the trading week with investors happy to sit on their hands ahead of the release of economic data out of Europe and the US.

Both currency and equity markets have traded tight ranges over the past 24 hours and this is likely to remain the case until the release of Wednesday evening’s European PMI’s and Friday morning’s ECB monetary policy statement.

US data releases come at the back end of the week with manufacturing PMI’s, and durable goods orders printing in the early hours of Friday morning, ahead of the US advance quarterly GDP release late on Friday evening.

On a positive note, China’s recent purchases of US agricultural products may signal the resumption of trade talks according to a report out of Chinese state media. The report suggests that negotiations could take place before the end of the month and before the August summer holiday period.

The UK Conservative Party leadership race is nearly at end with voting closing earlier this morning. Boris Johnson remains the firm favourite to take Theresa May’s place in Number 10, with his appointment due to be confirmed later this evening.

Global equity markets remain mixed - Dow +0.05%, S&P 500 +0.33%, FTSE +0.08%, DAX +0.24%, CAC +0.25%, Nikkei -0.23%, Shanghai -1.27%.

Gold prices are little changed trading at $1,427 an ounce. WTI Crude Oil prices have inched higher, up 1.1%, trading at $56.35 a barrel.

Upcoming Data Releases

AU: RBA Assist Gov Kent Speaks - 8:30 AEST / 10:30 NZST

Md-Market Rates

AUDUSD 0.7037 -0.1% NZDUSD 0.6768 0.0%
AUDEUR 0.6275 0.0% NZDEUR 0.6034 0.0%
AUDGBP 0.5638 0.1% NZDGBP 0.5422 0.3%
AUDJPY 75.89 0.1% NZDJPY 72.99 0.1%
AUDNZD 1.0396 -0.1% NZDAUD 0.9618 0.1%
GBPAUD 1.7737 -0.1% NZDCAD 0.8872 0.4%
      GBPNZD 1.8443 -0.3%

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