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The Opening Bell: Where currencies start on Friday, February 3, 2012

Posted in Currencies February 3, 2012 - 07:49am, Dan Bell

By Dan Bell

The NZD/USD traded to a high of 0.8369 overnight and opens this morning at 0.8320.

Markets have had a relatively quiet night awaiting US Employment data tonight. The market is expecting the US economy created150K new jobs in January and the unemployment rate to remain unchanged at 8.5%.

Global stocks continue to edge higher. The MSCI world equity index gained 0.27% and is up 7% year to date. US equities have had a quiet night and are currently flat. Commodities are weaker with the CRB Index down 0.48% led by oil prices down 1.8%.

The NZD made a new all time high against the EUR last night at 0.6360 (opens at 0.6320) and remains firm against the other major cross rates at 0.7776 AUD, 0.5270 GBP, and 63.40 JPY.

Nothing to report on the local front today and US emplyment data to be the focus tonight.

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

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