The Opening Bell: Where currencies start on Monday, October 10, 2011

The Opening Bell: Where currencies start on Monday, October 10, 2011

By Dan Bell

 

    The NZDUSD traded up to 0.7795 in NY trading on the back of better than expected US employment numbers, before another European induced sell off saw it back to where we start the week around 0.7680.

    A US Non-farm Payrolls number of +103K, against an expectation of +55K saw the US equities markets look to extend a three-day rally…

    Before Fitch cut Spain two notches to AA-, Italy to A+, and Moody’s placed Belgium on negative review and cut the ratings of 9 Portuguese banks

    Dow Jones and S&P finished negative as a result (-0.18%, -0.39%), commodities also lower (CRB Index -0.4%)

    NZD on the crosses, EUR 0.5750, AUD 0.7875, GBP 0.4945, JPY 58.90.

    A US holiday today (Columbus Day), with key data this week from the ECB president speaking tomorrow night 7.30pm NZT, FOMC minutes 6.00am NZT Thursday, also Australian employment numbers Thursday.

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

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