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The Opening Bell: Where currencies start on Monday, March 27, 2017

Currencies
The Opening Bell: Where currencies start on Monday, March 27, 2017

By Dan Bell

The NZDUSD opens at 0.7031 (mid-rate) this morning.

Markets remained quiet throughout Friday with investors focusing on developments on Capitol Hill. As the day went on it became clear that President Trump had failed to attract enough support for the new legislation and the GOP had no choice but to withdraw the bill to repeal and replace Obamacare. Failing to pass the bill when the party controls the White House and both houses of Congress is not only embarrassing for President Trump but also casts serious doubts on President Trump’s ability to pass other legislative reforms.

The EUR received a boost late on Friday when their private sector activity for the Month of March expanded at the fastest pace in nearly six years. Driven by new orders and employment growth in both manufacturing and service sectors, the composite output index rose to 56.7 up from 56.0 in February. Economists had expected the index to edge down to 55.8.

The week ahead is very light on both domestic and international data releases with Wednesday morning’s US consumer confidence, and Friday nights US GDP data release.

Global equity markets closed out the week mixed- Dow -0.29%, S&P 500 -0.08%, FTSE -0.05%, DAX +0.20%, CAC -0.24%, Nikkei +0.93%, Shanghai +0.64%.

Gold prices edged lower on Friday closing out the week at $1,244 an ounce for a weekly gain of 1.5% WTI Crude Oil was little changed on Friday closing out the week at $47.97 a barrel, having lost 1.7% over the week. This is the third consecutive weekly loss.

Current indicative rates:

NZDUSD       0.7031         0.0%     
NZDEUR       0.6505        -0.3%     
NZDGBP       0.5625         0.1%      
NZDJPY         78.01         -0.1%
NZDAUD       0.9225         0.2%   
NZDCAD       0.9401         0.2%


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

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