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The Opening Bell: Where currencies start on Wednesday, October 7, 2015

Currencies
The Opening Bell: Where currencies start on Wednesday, October 7, 2015

By Dan Bell

The NZDUSD opens at 0.6535 (mid-rate) this morning.

The NZD has been boosted overnight following another strong GDT auction.

The GDT Price Index climbed 9.9 percent, with an average selling price of $2,834 per tonne, it is also worth noting that volumes have continued to fall with a total of 35,243 tonnes selling down 2.2% from the previous auction.

Once again global data releases came in short of expectations with German factory orders falling for the second consecutive month down 1.8% from July which was also downwardly revised from -1.4% to -2.2%, UK house prices dropping 0.9% m/m (exp +0.1%), and a widening U.S. trade deficit which blew out to $43.8 billion (exp$43 billion) from a revised 41.8 billion in July.

Global equity markets have pushed higher - Dow +0.3%, S&P 500 -0.25%, FTSE +0.43%, DAX +0.90%, CAC +0.95%, Nikkei +1.00%, Shanghai CLOSED.

Gold prices have gained $11 over the past 24hrs trading at  $1147 an ounce, WTI Crude Oil has spiked 4.73% currently trading at $49.00 a barrel.

Indicative mid-rate pricing:

  NZDUSD           0.6536        0.4%
  NZDEUR           0.5798       -0.4%
  NZDGBP           0.4290       -0.1%
  NZDJPY             78.61          0.2%
  NZDAUD           0.9135       -0.5%
  NZDCAD           0.8519        0.0%


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

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