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The Opening Bell: Where currencies start for Friday, February 8, 2013

Posted in Currencies

By Dan Bell

The NZD/USD opens lower at 0.8310 this morning after yesterday’s disappointing employment data, and an evening that saw the EURUSD lower following the ECB meeting.

Although the headline number showed the rate of unemployment down to 6.9% from 7.3%, it was due to a decrease in overall participation, seeing the NZDUSD trade lower.

EURUSD lost a hold of the key 1.3500 level after ECB President Draghi keep interest rates on hold, but pointed to the downside risks to inflation if the EUR remained high. EURUSD opens this morning at 1.3390.

Stock markets currently: Dow Jones -0.5%, S&P -0.54 %, FTSE -1.06%.

The NZD opens the crosses - 0.8085 AUD, 0.6205 EUR, 0.5295 GBP, 77.75 JPY, 0.8300 CAD.

Today we have Japanese Current Account figures at 12.50pm and the RBA Monetary Policy Statement at 1.30pm.

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

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