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The Opening Bell: Where currencies start on Monday, April 4, 2016

Currencies
The Opening Bell: Where currencies start on Monday, April 4, 2016

By Dan Bell

The NZDUSD opens at 0.6890 (mid-rate) this morning.

The NZD remains at the top end of its recent range against the USD, dipping back below 0.69 cents following a marginally better than expected US non-farm-jobs report.

The report showed non-farm payroll employment climbed by 215k jobs in March (expected 210k) after jumping by an upwardly revised 245K in February (242k previously reported). The news was not all good with the labour department reporting that the unemployment rate inched up to 5% in March from 4.9% in February.

On the domestic front Wednesday morning’s global dairy trade auction should dictate direction for the NZD while Thursday’s FOMC meeting minutes and Friday’s speech by Fed Chair Yellen will be the main drivers for the USD.

Global equity markets closed out the week mixed - Dow +0.61%, S&P 500 +0.63%, FTSE -0.47%, DAX -1.71%, CAC -1.43%, Nikkei -3.55%, Shanghai +0.19%.

Gold prices fell 0.8% following the U.S. jobs report closing out the week at $1222 an ounce, WTI Crude Oil fell 4% on Friday with the oil price down almost 7% over the course of the week closing at $36.79 a barrel.

Current indicative rates:

NZDUSD       0.6890      -0.4%
NZDEUR       0.6045      -0.5%
NZDGBP       0.4840       0.6%
NZDJPY         76.80       -1.3%
NZDAUD       0.8985      -0.4%
NZDCAD       0.8980       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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