The Opening Bell: Where currencies start for Friday, April 19, 2013

The Opening Bell: Where currencies start for Friday, April 19, 2013

By Dan Bell

US data was the main driver in what was a relatively quiet night for currencies, as a rise in the number of Americans claiming unemployment benefits highlighted a lack of traction in the nation’s fledgling recovery.

This was borne out by another report overnight showing manufacturing activity having slowed in March for the first time in 7 months.

EURUSD put in modest gains on the day, recovering some ground after the biggest down day in 10 months on Wednesday.

Spanish and Slovenian bond auctions were well subscribed overnight, restoring some confidence in Eurozone debt markets.

By contrast the NZD is slightly lower against most of the majors this morning. NZDUSD currently sitting just above 0.8400.

Stock markets extended their slide lower overnight, as most major indices shed around 1% on the latest evidence that the US economy hit something of a speed bump in March after a good start to the year.

The G20 meets in Washington over the weekend, where JPY weakness will feature high on the agenda. JPY is currently 15% lower against the USD in 2013.


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

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