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The Opening Bell: Where currencies start on Friday, December 12, 2014

Currencies
The Opening Bell: Where currencies start on Friday, December 12, 2014

By Dan Bell

The NZDUSD opens at 0.7806 (mid-rate) this morning.

Following yesterday’s RBNZ statement the NZD raced higher peaking at 0.7865 against the USD and falling just short of 0.9500 against the AUD.

Following this move RBNZ Governor Wheeler outlined why he is confident the NZD will weaken pointing to a strengthening US economy weaker dairy prices and an extended period before we raise rates here in NZ.

Overnight, data out of the U.S. continues to support a strong USD with US Retail Sales, Core Retail Sales and Unemployment Claims all surpassing market expectations.

The pressure continues to build on the ECB to enter into full-blown quantitative easing following last night’s disappointing TLTRO (targeted longer term refinancing operation) take-up.

Global equity markets are mixed- Dow +1.19%, Nikkei -0.89%, Shanghai -0.49%, FTSE -0.59% DAX +0.64%, CAC -0.05%.

Gold prices are holding steady at $1229, Oil prices are also little changed at $61.15.

The current indicative mid-rates are:

NZDUSD           0.7806
NZDEUR           0.6301
NZDGBP           0.4971
NZDJPY            93.16
NZDAUD           0.9439
NZDCAD           0.9006

Domestic data releases today:
10:30 - Business NZ Manufacturing Index

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

Daily exchange rates

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Source: RBNZ
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End of day UTC
Source: CoinDesk

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