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The Opening Bell: Where currencies start on Monday, December 8, 2014

Currencies
The Opening Bell: Where currencies start on Monday, December 8, 2014

By Dan Bell

The NZDUSD opens markedly lower at 0.7700 this morning.

US non-farm payrolls data was the strongest in almost 3 years, with 321,000 workers added, compared with 230,000 expected.

There were upwards revisions of 44,000 jobs to the prior month’s numbers, while the unemployment rate held steady at a 6-year low of 5.8%.

The USD surged across the board in response to the payroll figures as the markets have increased expectations the US Federal Reserve will begin raising interest rates sooner than previously thought.

The NZDUSD plunged to a 1-month low of 0.7711 Friday night and has nudged just under 0.7700 in early Monday morning trading.

Fonterra is scheduled to announce its 2014/15 farmgate milk price payout Tuesday. It is almost universally expected to be reduced from $5.30 to somewhere under $5.00.

The RBNZ interest rate decision, statement and Governor Wheeler’s press conference will be released Thursday.

Global equity markets were higher on the day – Dow +0.3%, Nikkei +0.2%, Shanghai +0.7%, FTSE+1.0%, DAX +2.4%

Gold prices declined to USD$1,192. Oil prices fell by 1.4% on the day.

The current indicative mid-rates are:

NZDUSD           0.7700
NZDEUR           0.6270
NZDGBP           0.4940
NZDJPY              93.55
NZDAUD           0.9280
NZDCAD           0.8805

NZ Manufacturing Data (Q/Q) will be released at 10:45am.

Australian ANZ Job Ads and Chinese Trade Balance will hit the tapes this afternoon.

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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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