sign up log in
Want to go ad-free? Find out how, here.

The Opening Bell: Where currencies start for Friday, August 1, 2014

Currencies
The Opening Bell: Where currencies start for Friday, August 1, 2014

By Dan Bell

The USD extended recent gains overnight, as US stocks led the way lower in the biggest down day for US indices so far this year.

A perfect storm of factors are responsible:

- Argentina is effectively now in default

- The largest rise in US wages since 2008

- Disappointing European earnings

- Soft Eurozone inflation data – inflation readings have been below 1% for 10 straight months now

- More troubles for Portugal’s banking sector

 Oil futures are also trading sharply lower at fresh 2 month lows.

US non-farm payrolls data is released tonight, with economists expecting 230,000 jobs gained in July. In the current context a strong number would suggest more chance of the Federal Reserve tightening monetary policy, not good for stocks, very good for the USD.

Current indicative mid rates:

NZDUSD 0.8495

NZDEUR 0.6345

NZDGBP 0.5030

NZDJPY 87.35

NZDAUD 0.9140

----------------------------------------------------------

To subscribe to our free daily Currency Rate Sheet and News email, enter your email address here.

Email:   

----------------------------------------------------------

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

Daily exchange rates

Select chart tabs

Daily benchmark rate
Source: RBNZ
Daily benchmark rate
Source: RBNZ
Daily benchmark rate
Source: RBNZ
Daily benchmark rate
Source: RBNZ
Daily benchmark rate
Source: RBNZ
Daily benchmark rate
Source: RBNZ
Daily benchmark rate
Source: RBNZ
End of day UTC
Source: CoinDesk

We welcome your comments below. If you are not already registered, please register to comment.

Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.