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The Opening Bell: Where currencies start for Friday, April 11, 2014

Currencies
The Opening Bell: Where currencies start for Friday, April 11, 2014

By Dan Bell

The NZDUSD starts the day at 0.8680, having steadily given up ground from yesterday's post FOMC highs at 0.8740.

Overwhelmingly positive Australian employment data provided an initial move higher for the NZD and AUD, before poor Chinese trade data stole the show.  

US Jobless Claims fell to 300,000, the lowest level since May 2007, sparking renewed optimism for the US labour market and its downstream impact on consumer spending.

The data entirely unwound stock markets' FOMC fuelled rally, as investors saw the news as an indicator that the central bank will continue to taper quantitative easing.

Chinese CPI and PPI are released this afternoon.

Current indicative mid rates:

NZDUSD               0.8680
NZDEUR               0.6250
NZDGBP               0.5170
NZDJPY                 88.15
NZDAUD              0.9225

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

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Source: CoinDesk

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