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The Opening Bell: Where currencies start on Friday, July 31, 2015

Currencies
The Opening Bell: Where currencies start on Friday, July 31, 2015

By Dan Bell

The NZDUSD opens at 0.6595 (mid-rate) this morning.

The NZDUSD is trading back below 0.66 on the back of broad USD strength following last night’s U.S. data releases.

The USD has made headway against all of its major competitors after U.S. GDP showed continued improvement.

The report showed that although the second quarter real gross domestic product fell short of economists’ expectations (2.3% vs. exp 2.6%) an upward revision in the first quarter release from a 0.2% contraction to 0.6% has given investors confidence that the U.S. Federal Reserve will stay on track to raise interest rates in September.

The U.S. initial jobless claims increased by 12k from last week’s 40yr low of 255k but was well short of the expected 272k.

Global equity markets remain mixed - Dow -0.02%, S&P 500 -0.1%, FTSE +0.57%, DAX +0.40%, CAC +0.58%, Nikkei +1.08%, Shanghai -2.20%.

Gold prices are down $8 trading at $1088 an ounce, WTI Crude Oil is little changed at $48.60 a barrel.


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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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