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The Opening Bell: Where currencies start for Tuesday, December 3, 2013

Currencies
The Opening Bell: Where currencies start for Tuesday, December 3, 2013

By Dan Bell

The NZD/USD opens around 0.8170 after trading to interbank highs over 0.82 last night.

US stocks are trading in negative territory this morning with the S&P 500 currently down 0.05%. Commodity prices are mixed with gold down 2.19% while oil prices have gained 1.15%. US treasury yields rose overnight with the 10 Year bond up to 2.81%.

US ISM manufacturing data was stronger than expected overnight and continues to support a more positive outlook for the US economy next year.

The NZD opens at current indicative mid rates: 0.8986 AUD, 0.6034 EUR, 0.4996 GBP, 84.20 JPY, and 0.8680 CAD.

NZD/AUD made a 5 year high around 0.90 overnight and continues to look bullish as the market anticipates rate hikes from the RBNZ and potential rate cuts from the RBA next year.

NZ Q3 terms of trade data yesterday was up 7.5% to a 40 year high- led by ongoing strength in dairy prices.

From NZ we get ANZ Commodity Price Index at 1pm. From Australia we get Retail Sales, Current Account and the RBA this afternoon. While no change is expected from the RBA, comments will be closely watched for further guidance.

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

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