The Opening Bell: Where currencies start on Friday, January 23, 2015

The Opening Bell: Where currencies start on Friday, January 23, 2015

By Dan Bell

The NZDUSD opens at 0.7512 (mid-rate) this morning.

The NZDUSD has opened this morning at levels last seen in June 2012.

Early this morning Mario Draghi confirmed the ECB will expand their asset purchase programme, the quantitative easing measure was greater than market economists had expected. Beginning March 2015 and continuing through to September 2016 (and beyond if necessary) the ECB will purchase EUR 60bn in assets (expected 50bn).

Global equity markets are higher  - Dow +0.67%, Nikkei +0.28%, Shanghai +0.59%, FTSE +1.02% DAX +1.32%, CAC +1.52%

Gold prices are trading back above $1300 at $1302 (+$8.50), Oil prices are down $1.00 trading at $46.78

The current indicative mid-rates are:

NZDUSD           0.7512

NZDEUR           0.6599

NZDGBP           0.4998

NZDJPY            88.67

NZDAUD           0.9304

NZDCAD           0.9301

There are no Domestic data releases today.

14:45 – CNY HSBC Flash Manufacturing PMI


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

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USD 
NZD
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Source: CoinDesk

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Global equity markets are higher  - Dow +0.67%, Nikkei +0.28%, Shanghai +0.59%, FTSE +1.02% DAX +1.32%, CAC +1.52%
 
Cripes, European stock markets have been on a tear for some years ahead of this latest ECB announcement. 
 
....since Mario Draghi's "whatever it takes" speech in July 2012, European equity prices are up 50% even as corporate earnings have actually declined by 7%
So what is going on in Europe? Nothing short of the biggest multiple expansion episode in history.
As SocGen calculated two days ago "the reported P/E multiple on Eurozone equities has risen from 11.5x to 18.7x today – a multiple expansion of over 60% in 30 months – and now stands at a premium to both the rest of Europe and RoW." Read more

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