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The Opening Bell: Where currencies start on Wednesday, February 10, 2016

Currencies
The Opening Bell: Where currencies start on Wednesday, February 10, 2016

By Dan Bell

The NZDUSD opens at 0.6635 (mid-rate) this morning.

After trading to an overnight low of 0.6565 the NZDUSD has rebounded back toward 0.6650 on what appears to be profit-taking and positioning.

Risk appetite remains subdued with global equity markets extending their fall overnight led by another sharp decline in crude oil prices, after the International Energy Agency lowered its forecast of global oil demand for 2016.

Bank stocks are also sharply lower on the back of growing credit concerns.

Overnight German industrial production for the month of December unexpectedly declined, with economists expecting an increase of 0.5%, the fall of 1.2% represents the largest fall in 16 months.

Global equity markets are broadly lower - Dow -0.65%, S&P 500 -0.55%, FTSE -1.00%, DAX -1.11%, CAC -1.69%, Nikkei -5.40%,  Shanghai CLOSED.

Gold prices are little changed at $1194 an ounce, WTI Crude Oil has plummeted currently down 4.2%  at $27.92 a barrel.

Current indicative rates:

NZDUSD       0.6635       0.2%
NZDEUR       0.5875      -0.9%
NZDGBP       0.4590      -0.1%
NZDJPY         76.18       -0.4%
NZDAUD       0.9395       0.4%
NZDCAD       0.9205      -0.4%

 

 


 

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

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