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The Opening Bell: Where currencies start on Thursday, August 6, 2015

Currencies
The Opening Bell: Where currencies start on Thursday, August 6, 2015

By Dan Bell

The NZDUSD opens at 0.6504 (mid-rate) this morning.

The NZDUSD finds itself trading at 6yr lows this morning with investors increasing their short positions ahead of tomorrow’s Fonterra payout forecast.

Tuesdays comments from Atlanta Federal Reserve President Dennis Lockhart stating that it would take "a significant deterioration in the economic picture" to convince the Fed not to raise rates in September, were countered by a disappointing ADP Non-Farm Employment Change data release.

The ADP report showed private sector employment increased by 185k jobs in July following a downwardly revised increase of 229k jobs in June.

Economists had expected an increase of about 215k jobs compared to the addition of 237k jobs originally reported for the previous month.

After rising in the previous two months, the Euro-zone retail sales declined more than expected in June.

The report showed retail sales fell by seasonally adjusted 0.6% month-on-month in June (exp -0.2%) with May also revised lower dropping from the previously reported 0.2% climb to a 0.1% increase.

Global equity markets are broadly higher- Dow +0.05%, S&P 500 +0.43%, FTSE +0.98%, DAX +1.57%, CAC +1.65%, Nikkei +0.46%, Shanghai -1.65%.

Gold prices remain steady at $1084 an ounce, WTI Crude Oil has lost 1.4% overnight trading at $45.05 a barrel.

NZDUSD           0.6504       -0.4%
NZDEUR           0.5968       -0.4%
NZDGBP           0.4170       -0.6%
NZDJPY             81.21         0.0%
NZDAUD           0.8849        0.0%
NZDCAD           0.8579       -0.4%


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

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