The AUDUSD opened at 0.7139 (mid-rate), and the NZDUSD opened at 0.6912 (mid-rate) this morning.
The AUD clawed back from its recent fall, and is the strongest performing of the G10 currencies, benefiting from rising commodity prices.
The NZD continues to consolidate ahead of this afternoon’s RBNZ monetary policy statement, when reserve bank governor Adrian Orr is expected to keep the official cash rate unchanged at 1.75%. Investors will look to the accompanying press coverage for clues as to whether the RBNZ is likely to keep rates stable through 2019-2020 in the wake of global growth concerns and domestic considerations.
Yesterday’s Euro rally proved to be short-lived after Germany’s forward-looking consumer confidence index fell to 10.4 from a downwardly revised 10.7 in March. The disappointing result was in stark contrast to yesterday’s better-than-expected business confidence report and has seen the Euro reverse yesterday’s gains.
The British pound remains in limbo with the Commons due to vote on alternative Brexit plans after MP’s seized control of Brexit, winning yesterday’s key vote by 329 votes to 302.
This morning’s US economic data releases were underwhelming with both housing starts and consumer confidence reports falling short of economists’ estimates.
According to the latest Commerce Department figures housing starts tumbled by 8.7% to an annual rate of 1.162 million in February after surging up by 11.7% to a revised rate of 1.273 million in January. Economists had forecast the rate to edge down to 1.213 million from the 1.230 million originally reported for the previous month.
US consumer confidence in the month of March unexpectedly declined with the Conference Board reporting that consumer confidence index fell to 124.1 in March after jumping to 131.4 in February. Economists had expected the index to rise to 133.0.
Global equity markets are broadly higher, - Dow +0.52, S&P 500 +0.67, FTSE +0.26%, DAX +0.64%, CAC +0.89%, Nikkei +2.15%, Shanghai -1.51%.
Gold prices have given back yesterday’s gains higher, down 0.6% trading at $1,314 an ounce.
WTI Crude Oil prices are up 1.3% overnight, trading at $60.04 a barrel.
Want to have daily international currency market news and insights delivered to directly to your inbox? Sign up to our country-specific updates below, and please browse the rest of our blog for more insights from XE offices around the globe.
The information, materials, accompanying literature and documentation available on our internet site is for information purposes only and is not intended as a solicitation for funds or a recommendation to trade. XE, its officers, employees and representatives accept no liability whatsoever for any loss or damages suffered through any act or omission taken as a result of reading or interpreting any of the above information.
While we take reasonable care to keep the information on the website accurate and up to date, there may be occasions when this is not possible. Case Studies and articles are not intended to predict future moves in exchange rates or constitute advice.
XE makes no representations, warranties, or assurances as to the accuracy or completeness of any information derived from third party sources. If you are in any doubt as to the suitability of any foreign exchange product that you are intending to purchase from XE, we recommend that you seek independent financial advice first.
For more information about XE, please click here: Regulatory Information