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The Opening Bell: Where currencies start on Monday, April 10, 2017

Currencies
The Opening Bell: Where currencies start on Monday, April 10, 2017

By Dan Bell

The NZDUSD opens at 0.6940 (mid-rate) this morning.

The NZD along with other risk-traded currencies fell on Friday afternoon as news that US warships in the Mediterranean Sea launched 59 Tomahawk cruise missiles targeting the al-Shayrat airbase in central Syria. The fall was not as great as one would expect in these circumstances and overall markets reacted in a controlled fashion.

Friday’s non-farm-payrolls disappointed with the report showing an increase of 98k jobs for the month of March well short of the expected 180k increase. February’s previously reported 235k increase in jobs was also downwardly revised to 219k. Interestingly the unemployment rate which had been expected to remain unchanged at 4.7% fell to 4.5%.

The GBP weakened following reports that year on year industrial production growth slowed to 2.8% from 3.3% in January, and the deficit on trade in goods and services widened to GBP3.7 billion in February 2017 from a revised deficit of GBP3.0 billion in January. The report showed a GBP0.4 billion decrease in exports and a 0.3 billion increase in imports.

With little in the way of domestic economic data releases this week the NZD direction will be dominated by both geo-political and offshore data releases.

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 were little changed on Friday closing out the week at $1,253 an ounce .WTI Crude Oil continued to push higher on Friday closing out the week at $52.24 a barrel.

Current indicative rates:

NZDUSD      0.6935      -0.5%
NZDEUR      0.6551       0.1%
NZDGBP      0.5598       0.2%
NZDJPY        77.01       -0.2%
NZDAUD      0.9251       0.1%
NZDCAD      0.9291      -0.6%
GBPNZD      1.7864      -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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