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The Opening Bell: Where currencies start on Thursday, September 24, 2015

Currencies
The Opening Bell: Where currencies start on Thursday, September 24, 2015

By Dan Bell

The NZDUSD opens lower at 0.6244 this morning.The NZDUSD fell yesterday after the release of disappointing Chinese manufacturing data.

The Caixin Manufacturing PMI survey was the worst in 6 ½ years as the sector contracted for the 7th consecutive month.

The NZDAUD however pushed back above 0.8900 as the AUD suffered more than the NZD on this data.

The NZD managed a briefly rally overnight to peek above 0.6300 briefly before risk aversion and global growth concerns weighed upon the NZD once again. The NZDUSD touched 1-month lows of 0.6240 this morning.

European Central Bank President said it is too soon to pledge additional stimulus and the current program “has sufficient built-in flexibility”. The EUR strengthen as a consequence, with the NZDEUR trading sub 0.5600.

Global equity markets were mixed on the day – Dow -0.4%, Nikkei closed, Shanghai -2.3 %, FTSE +1.6%, DAX +0.4%

Gold prices rose USD$6 to USD$1,131 an ounce. Oil prices (WTI) slumped 3.7% to USD$44.64 per barrel on excess supply.

Indicative mid-rate pricing:

  NZDUSD           0.6242       -0.7%
  NZDEUR           0.5580       -1.2%
  NZDGBP           0.4095        0.1%
  NZDJPY             75.05        -0.6%
  NZDAUD           0.8929        0.7%
  NZDCAD           0.8330       -0.1%


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

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