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The Opening Bell: Where currencies start from on Friday, July 8, 2011

Currencies
The Opening Bell: Where currencies start from on Friday, July 8, 2011

By Dan Bell

The NZD/USD traded to a new high of 0.8335 this morning!

The EURUSD was sold off initially, down to the low 1.4200s, even after a ECB rate rise of 25bp to 1.50%. But President Trichet’s commitment to provide liquidity to Portugal, regardless of ratings, saw the losses unwound and we’re back at 1.4350 here! Risk on…

As a result, NZDEUR is testing 0.5800 and NZDGBP currently sits above 0.5200 after another ‘hold’ from the Bank of England

The AUD had a good afternoon yesterday after better than expected employment data saw 59,000 full time jobs added to the economy in June. AUDUSD is now testing 1.0800 again after having been at 1.0650 yesterday

US ADP private payrolls rose 157k in June, better than expected, but the big ones are tonight, the US Non-farm payrolls.

No chart with that title exists.

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

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