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The Opening Bell: Where currencies start on Tuesday, April 7, 2015

Currencies
The Opening Bell: Where currencies start on Tuesday, April 7, 2015

By Dan Bell

The NZDUSD opens at 0.7545 (mid-rate) this morning.

The NZDUSD traded back above 0.7600 following a disappointing Non-Farm Payroll number, with the USD losing ground against all its major trading partners.

U.S. Non-Farm Payroll employment rose by 126k jobs in March following a downwardly revised increase of 264k jobs in February. The market had expected employment to increase by about 245k jobs compared to the addition of 295k jobs originally reported for the previous month.

The AUD remained subdued ahead of today’s RBA Rate announcement with the NZDAUD cross rate peaking at 0.9975, should the RBA decide to cut this afternoon we could well see this cross rate trade at parity.

Global equity markets closed out the week mixed. The Dow is higher following the U.S. data releases - Dow +0.91%, Nikkei -0.19%, Shanghai +1.00%, FTSE +0.35% DAX -0.28%, CAC +0.24%.

Gold prices are up $7 currently trading at $1216, Oil (WTI) gained 6% currently trading at $52.25.

The current indicative mid-rates are:

NZDUSD           0.7545
NZDEUR           0.6904
NZDGBP           0.5061
NZDJPY              90.17
NZDAUD           0.9916
NZDCAD           0.9418

There are no domestic data releases today. 16:30 Reserve bank of Australia rate statement


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

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