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The Opening Bell: Where currencies start for Wednesday, December 12, 2012

Posted in Currencies

By Dan Bell

The NZD/USD opens 0.6% higher at 0.8385 this morning, and established a 9-month high of 0.8389 overnight.

The EUR/USD & NZD/USD climbed after German economic sentiment data came in far strong than initially forecast.

The US Federal Reserve’s upcoming monetary policy meeting, where they are anticipated to announce further economic stimulus in the form of new monthly bond purchases of USD$45 billion, is hurting the USD and adding the EUR/USD & NZD/USD strength.

World equity markets were higher. The US indices closed between 0.7% and 1.3% higher, while the UK and European indices climbed 0.8% to 1.1% on the day.

Gold prices fell marginally to USD$1707, and Copper prices dropped 0.4% to USD$8,103. Other metals prices were mixed.

The NZD opens at 0.8385 USD, 0.7970 AUD, 0.6450 EUR, 0.5205 GBP, & 69.15 JPY.

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There is nothing scheduled on the domestic calendar today. Westpac Consumer Sentiment hits the tapes at 1:30pm from Australia, followed by RBA Governor Stevens speaking at 5:30pm.

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

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