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The Opening Bell: Where currencies start on Wednesday, March 2, 2016

Currencies
The Opening Bell: Where currencies start on Wednesday, March 2, 2016

By Dan Bell

The NZDUSD opens at 0.6629 (mid-rate) this morning.

The NZD is slightly higher against the majority of its major trading partners with investors adding to their risk portfolios helped by rising oil prices and a better than expected U.S ISM Manufacturing PMI data report.

The report showed the purchasing managers index rose to 49.5 in February from 48.2 in January, out stripping economists estimates of a small increase of 0.3 to 48.5.

Hopes of a deal between major producers to reduce output has seen oil prices continue their good start to the month currently trading at 1 month highs.

Last night’s Global Dairy Trade auction, as widely anticipated, snapped a four auction losing streak with prices gaining 1.4% from the previous auction. Fonterra are expected to review its forecast on the 23rd of March with many economists predicting the current $4.15 per kg price to be revised lower again.

Global equity markets are broadly higher - Dow +0.29%, S&P 500 +0.31%, FTSE +0.02%, DAX -0.19%, CAC +0.90%, Nikkei -1.00%, Shanghai -2.86%.

Gold prices are holding steady at $1230 an ounce, WTI Crude Oil  has continued to push higher currently trading at $34.38  a barrel.

Current indicative rates:

NZDUSD       0.6629       0.6%
NZDEUR       0.6100       0.7%
NZDGBP       0.4745       0.2%
NZDJPY         75.69        1.7%
NZDAUD       0.9233       0.1%
NZDCAD       0.8879      -0.3%


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

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