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The Opening Bell: Where currencies start for Friday, October 10, 2014

Currencies
The Opening Bell: Where currencies start for Friday, October 10, 2014

By Dan Bell

The NZDUSD opens lower at 0.7854 this morning, after a volatile night.

The NZD continued to trend higher yesterday after the release of the US Federal Reserve meeting minutes. The NZDUSD peaked at 0.7970, before dropping sharply.

Euro zone trade balance data disappointed last night and the European Central Bank Chief suggested the euro-zone economy recovery was losing momentum and that inflation was “excessively low”. This helped the USD strengthen and pressured the NZD.

Global equity markets were mostly lower on the day - Dow -1.8%, Nikkei -0.8%, Shanghai +0.1%, FTSE-0.8%, DAX +0.1%

Gold prices gained $9 to USD$1225. Oil prices fell by 1.9% to USD$85.69.

The current indicative mid-rates are:

NZDUSD           0.7854
NZDEUR           0.6190
NZDGBP           0.4871
NZDJPY            84.65
NZDAUD          0.8952
NZDCAD          0.8769

There is no data scheduled on the domestic calendar today.

There is some Fed-speak tonight and a G20 meeting over the weekend.

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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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