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The Opening Bell: Where currencies start for Friday, November 30, 2012

Posted in Currencies

By Dan Bell

The NZD/USD opens at 0.8225 this morning after an evening that was largely concerned with the US fiscal negotiations.

Comments from House Speaker Boehner that “no substantive progress has been made in talks” saw risk appetite take a dip.

The potential for these comments to cause a more dramatic sell-off was paired by good US data - encouraging US GBP numbers (revised up from 2.0% to 2.7% Q3) and US pending home sales up 5.2%.

Euroland economic confidence also saw it’s first uptick since February, helping European stocks remain firm on the close.

Stock markets currently: Dow Jones +0.42%, S&P +0.49%, FTSE 1.15%.

The NZD opens the crosses - 0.7885 AUD, 0.6340 EUR, 0.5125 GBP, 67.50 JPY, 0.8160 CAD.

The data highlight for the weekend (apart from further fiscal cliff developments) will be Chinese Manufacturing Data out of China at 2.00pm on Saturday.

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Could make for an interesting open on Monday morning.

Have a good weekend, and well done the Black Caps last night in Sri Lanka!

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

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