The Opening Bell: Where currencies start on Friday, December 4, 2015

By Dan Bell

The NZDUSD opens at 0.6670.

The big mover last night was the Euro. The ECB inflation tackling package increased its bond buying by 360b euros, extending the program by six months, including local and regional debt. Investors were not as impressed and sent the EUR soaring.  This leaves the ECB with further ammunition if required later.

Mixed news out of the US, unemployment claims came out on target, where as the non-manufacturing purchasing power index was lower at 55.9 with the market expecting 58.1.

Either way this may leave Yellen a little more hawkish on raising rates after the ECB has given a little more room.

European and US equity markets are negaitive territory with Asia just holding  Dow  -0.84%, S&P 500 -1.02%, FTSE -2.27%, DAX -3.58%, CAC -3.58%, Nikkei +0.01%, Shanghai +1.35%, Hang Seng –0.28%.

Gold is flat at $1062.60 an ounce, Oil (WTI) is at $41.99 a barrel.

Current indicative rates:

NZDUSD       0.6670      0.4%
NZDEUR       0.6090     -2.6%
NZDGBP       0.4406     -0.8%
NZDJPY         81.68      -0.3%
NZDAUD       0.9078     -0.1%
NZDCAD       0.8898      0.5%

Upcoming Data releases (NZST):

  • AUD Retail sales at 13h30 this may influence the NZD

  • US Employment overnight


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Email:   

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

Daily exchange rates

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var timestammonth31 = 2678400000;
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return 2;
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else
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return 0;
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for(i=0;i

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