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The Opening Bell: Where currencies start for Wednesday, October 9, 2013

Currencies
The Opening Bell: Where currencies start for Wednesday, October 9, 2013

By Dan Bell

The NZDUSD opens at 0.8295 this morning.

Not much new to report this morning. The US government shutdown and the looming debt ceiling continue to weigh on the USD and equity markets – there are no solutions in sight. The NZDUSD rose to a high of 0.8330 overnight.

NZ Business Confidence, released yesterday, came in better than expected. Australian Business Confidence & Job Ads both exceeded expectations.

Global equity markets were mostly lower on the day  – Dow -0.8%, Nikkei +0.3%, Shanghai +1.4%, FTSE -1.1%, DAX -0.4%

The Gold Price was flat at USD$1321 an ounce. Oil gained 0.4% and base metal prices were mixed on the day.

The NZD opens at 0.8295 USD, 0.8795 AUD, 0.8600 CAD, 0.6110 EUR, 0.5155 GBP, & 80.40 JPY.

There is no data on the domestic calendar today.

Westpac Consumer Sentiment from Australian hits the tapes at 12:30pm.

The minutes from the last US interest rate meeting will be released at 7:00am tomorrow morning – these minutes are eagerly awaited as it was at this meeting where the markets (wrongly) expected the Fed to announce bond purchase tapering.

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

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