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The Opening Bell: Where currencies start for Friday, November 7, 2014

Currencies
The Opening Bell: Where currencies start for Friday, November 7, 2014

By Dan Bell

The NZDUSD opens higher at 0.7690 this morning.

The NZD made a fresh two year low yesterday of 0.7668 in what was a very whippy session. Overnight we saw it climb higher to 0.7760 before falling and settling at current levels.

The New Zealand calendar is empty today and we are likely to see the market taking a wait and see approach leading in to the Non Farm Employment numbers out of the U.S overnight. Yellen’s speech and China trade data later in the weekend also pose some event risk.

Global equity markets were mixed on the day – Dow +0.3%, Nikkei -0.8%, Shanghai +0.2%, FTSE+0.2%, DAX +0.6%.

Gold prices dropped -0.8% to USD$1,144. Oil prices rose 1.9% on the day.

The current indicative mid-rates are:

NZDUSD           0.7790
NZDEUR           0.6210
NZDGBP           0.4855
NZDJPY             88.40
NZDAUD           0.8970
NZDCAD           0.8790

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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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