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The Opening Bell: Where currencies start for Monday, September 2, 2013

Currencies
The Opening Bell: Where currencies start for Monday, September 2, 2013

By Dan Bell

The NZDUSD opens at 0.7765 this morning.

The NZDUSD traded down towards a 0.7725 low Friday evening.

China’s official Manufacturing PMI, released Sunday, exceeded expectations as factory activity expanded at the fastest pace in more than a year. This, along with news that US President Obama has delayed any attack on Syria as he awaits Congressional approval, caused the NZDUSD to gap higher on the Monday morning open.

It is a light data week on the domestic calendar. However, Aussie retail sales & GDP figures, RBA rate decision, G20 meeting, the all-important US non-farm payroll numbers, as well as the on-going Syria developments will give the markets more than enough to trade off.

Global equity markets were lower on the day – Dow -0.2%, Nikkei -0.5%, Shanghai -0.2%, FTSE -1.1%, DAX -1.1%

The Gold Price fell USD$1394 an ounce. Oil dropped 1.0%, while base metal prices were lower across the board.

The NZD opens at 0.7765 USD, 0.8675 AUD, 0.5870 EUR, 0.4995 GBP, & 76.40 JPY.

NZ Overseas Trade Index will be released 10:45am today.

Chinese HSBC Final Manufacturing PMI hit the tapes at 1:45pm.

It is a US holiday Monday for US Labor Day.

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

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