The Opening Bell: Where currencies start for Friday, February 1, 2013

By Dan Bell

The NZD/USD opens higher at 0.8400 this morning after the USD weakness trend remains in play – the NZDUSD testing the top of the current range again.

Yesterday’s RBNZ statement unpinned the NZD, with comments remaining hawkish from Governor Wheeler, especially regarding housing market concerns.

This was contrasted by the FOMC minutes, which confirmed their easing bias once again.

Stock markets currently: Dow Jones -0.15%, S&P -0.07 %, FTSE -0.73%.

The NZD opens the crosses - 0.8050 AUD, 0.6190 EUR, 0.5305 GBP, 76.80 JPY, 0.8375 CAD.

Today we have Chinese PMI reports due at 2.00pm and 2.45pm, and tonight we have the US Non-Farm Employment figures.

RBNZ Governor Graeme Wheeler speaks today at a Canterbury Chamber of Commerce luncheon in Christchurch at 12.50pm.


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

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