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The Opening Bell: Where currencies start for Friday, October 17, 2014

Currencies
The Opening Bell: Where currencies start for Friday, October 17, 2014

By Dan Bell

The NZDUSD opens at 0.7942 this morning.

Another volatile night has seen the NZDUSD trade between 0.7890 and 0.7980, a huge sell off in equities prior to the better than expected US data releases has created another night of risk-on risk-off positioning.

After last month’s unexpected drop in U.S. industrial production, the Federal Reserve released a report on Thursday showing that production rebounded by much more than expected in the month of September.

The Fed’s release showed industrial production surged up by 1.0 percent in September after edging down by a revised 0.2 percent in August, the market had been expecting an increase of 0.4%.

The U.S. Weekly Jobless Claims unexpectedly decreased in the week ended October 11th dropping to a 14-yr low the report showed that initial jobless claims fell to 264k a decrease of 23k from the previous week.

Global Equity Markets continue to fall - Nikkei -2.22%, Shanghai -0.72%, FTSE -0.83% DAX -0.49%, CAC-0.54%, Dow -0.15%

Gold Prices are steady trading at  $1239, Oil prices gained 0.79% to $82.43 a barrel.

The current indicative mid-rates are:

NZDUSD           0.7942
NZDEUR           0.6205
NZDGBP           0.4944
NZDJPY            84.28
NZDAUD          0.9069
NZDCAD          0.8941

There are no domestic data releases today.

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

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2 Comments

Cause military stocks need replacing with whats being used on ISIS.

Please get with the program.

During WW1 the U.S. stock market rose more when their was a British Victory.

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There has been a huge auto weapon ban threat in the USA that is now easing.  So until about 2012~3 AR15s would sell for $3kUS, now more like $1k (for brand name ones like Colt, Stag).

At the same time 223 / 556NATO ammo was hard to come by, simply in the USA the shelves were empty due to panic buying, now the gunshop shelves are full.

Hence I think you are simple in-correct.

regards

 

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