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The Opening Bell: Where currencies start for Friday, June 29, 2012

Currencies
The Opening Bell: Where currencies start for Friday, June 29, 2012

By Dan Bell

The NZD/USD opens at 0.7870/0.7890 this morning down from yesterday’s highs over 0.7950 as pre-EU Summit jitters weigh on risk sentiment.
 
At one stage US stock markets were down over 1.5%. They managed to stage a comeback in the last hour of trading, gaining over 1% with the S&P finishing down 0.21% on the day.
 
Adding to the risk off tone was a NY Times report that JP Morgan’s trading losses could eventually reach US$9bn - much more than the original estimates of US$2-3bn.
 
Britain's economy fell back into recession faster than first thought - data showed their economy shrank by 0.3% between January and March.
 
Germany’s economy continues to slow with their unemployment rate up for the third month in a row.
 
The NZD opens at 0.7830 AUD, 0.6330 EUR, 0.5075 GBP, 62.50 JPY.
 
NZ Building Consents at 10:45am this morning. Headlines from the EU Summit will be closely watched through the course of the day. Official China PMI (Manufacturing) data is released over the weekend.
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here

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