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The Opening Bell: Where currencies start for Thursday, July 10, 2014

Currencies
The Opening Bell: Where currencies start for Thursday, July 10, 2014

By Dan Bell

The NZDUSD opens at 0.8820 this morning - a 3-year high.

The USD fell across the board after the US Federal Reserve's latest meeting minutes did not suggest any near-term interest rate hikes. The Fed may end it bond-buying program after its October meeting if "certain economic conditions remain positive" and they expected inflation to remain below their target of 2% over the next few years.

The NZ TWI (trade weighted index) surged to an all-time high of 81.91 overnight. The NZDAUD is nudging back towards 0.9380, while the NZDEUR is right on a 14-month high.

Global equity markets were mixed on the day - Dow +0.5%, Nikkei +0.6%, Shanghai -1.5%, FTSE -0.3%, DAX +0.4%

Gold prices rose by 0.6% toUSD$1327. Oil prices fell 0.6%.

The current indicative mid-rates are:

NZDUSD           0.8820
NZDEUR           0.6465
NZDGBP           0.5140
NZDJPY            89.65
NZDAUD           0.9370
NZDCAD           0.9395

Business NZ Manufacturing Index hits the tapes at 10:30am.

Australian Employment numbers hit the tapes at 1:30pm, followed by Chinese Trade Balance which is tentatively scheduled for this afternoon.

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

Daily exchange rates

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Source: CoinDesk

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