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The Opening Bell: Where currencies start on Friday, April 17, 2015

Currencies
The Opening Bell: Where currencies start on Friday, April 17, 2015

By Dan Bell

The NZDUSD opens sharply higher at 0.7665 this morning.

The USD fell across the board, pushing up the NZDUSD sharply in the process, as the markets interpreted recent weak US data as likely to cause the US Federal Reserve delay its first long-awaited interest rate hike.

Overnight, US housing starts rose less than expected in March, while there was a surprise increase in the number of people seeking unemployment aid last week. This placed downwards pressure on the USD. It wasn't all bad news however as factory activity in the mid-Atlantic region accelerated.

Yesterday’s Business NZ Manufacturing Index indicated continued expansion in the sector, while there was surprisingly good employment data from Australia.

Global equity markets were flat to lower on the day – Dow -0.0%, Nikkei +0.8%, Shanghai +3.0%, FTSE -0.5%, DAX -1.9%

Gold prices dipped to USD$1,199. Oil prices (WTI) rose slightly to USD$56.59 per barrel.

The current indicative mid-rates are:

NZDUSD           0.7665
NZDEUR           0.7120
NZDGBP           0.5135
NZDJPY              91.25
NZDAUD           0.9840
NZDCAD           0.9345

There are no data releases on the domestic calendar today.

Tonight brings US CPI, Consumer Sentiment & Inflation Expectations. The IMF (International Monetary Fund) has meetings 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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