The Opening Bell: Where currencies start on Friday, July 17, 2015

By Dan Bell

The NZDUSD opens up 1.3% lower this morning at .6511

Overnight the NZDUSD was seen down at .6499, setting a new low dating back to July 2009.

Yesterdays worsening Global Dairy Auction followed by a softer inflation number has helped the NZD to continue its downward trend and thus giving the RBNZ more reasoning to lower rates over the coming months. Cuts are expected in July and September.

The above is also met with Fed Chair Yellen confirming the intention of raising interest rates this year and it is expected that the USD will continue to gain as ‘lift off’ begins come September.

As for Yellen’s second part of the speech taking place now, she is yet to give too much away except that jumping in too early could put recovery at risk and coming in too strong could be disruptive causing them to ‘overshoot’ its intention for employment and low and stable inflation.

AUD has started the day where it finished yesterday and thanks to the NZD weakness the NZDAUD is now at 2 week lows.

Greece’s place in the Euro is safe for now after further aid has been provided. It seems a three year package is in place worth near 86 billion Euros.

GBP has outperformed after BoE Carney is also seen talking positively over interest rate hike in the near future and markets see this taking place mid 2016.

World equity markets are in positive territory this morning: Dow  +0.4%, S&P 500 +0.8%, FTSE +0.6%, DAX +1.5%, CAC +0.9%, Nikkei +0.7%, Shanghai +0.5%, 

NZDUSD           0.6511     -1.3%
NZDEUR           0.5985     -0.6%
NZDGBP           0.4170     -1.1%
NZDJPY             80.77      -1.0%
NZDAUD           0.8790      -1.7%

World equity markets are in positive territory this morning: Dow  +0.4%, S&P 500 +0.8%, FTSE +0.6%, DAX +1.5%, CAC +0.9%, Nikkei +0.7%, Shanghai +0.5%

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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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var chart_subtitles_arr= ["Daily benchmark rate","Daily benchmark rate","Daily benchmark rate","Daily benchmark rate","Daily benchmark rate","Daily benchmark rate","Daily benchmark rate"];
var tab_titles_arr= ["US$","AU$","TWI","u00a5en","u00a5uan","u20acuro","GBP"];
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var b=2;
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// to generate the format for date representation in x axis

var timestamweek = 604800000;
var timestamday = 86400000;
var timestammonth30 = 2592000000;
var timestammonth31 = 2678400000;
var timestamyear = 31536000000;
var timestamquarterly = 7776000000;

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var yy1=fomat.substring(k2+1,k3+1);

// conversion of months into numerical form

//+++++++++++++++++++++++++++++++++++
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mm= "02";
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else if (mm == "Mar")
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mm= "04";
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mm= "08";
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do {
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var k2=k;

do {
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var k3=k;

var dd= fomat.substring(0,k1);
var mm = fomat.substring(k1+1,k2);
var current_year=""+new Date().getFullYear();
var c_year=Number(current_year.substring(2,4));
var c_data=Number(''+fomat.substring(k2+1,k3+1));
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var yy = “19”+fomat.substring(k2+1,k3+1);
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// conversion of months into numerical form

//+++++++++++++++++++++++++++++++++++
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mm= “02”;
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mm= “04”;
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mm= “05”;
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mm= “06”;
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mm= “07”;
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{
mm= “08”;
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else if (mm == “Sep”)
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mm= “09”;
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{
mm= “10”;
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{
mm= “11”;
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else if (mm == “Dec”)
{
mm= “12”;
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// +++++++++++++++++++++++++++++++++++++++++++++++++++++++

var date = mm+”/”+dd+”/”+yy;

var timestam_1 = Date.parse(date);
var timestam= timestam_1+86400000; //86400000 added to get correct timezone output from Date.parse
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var Weeko = time4.getDay();
var dd2 = time4.getDate();
var mm2 = time4.getMonth();
var flag_y=arr[i][1];
var ahref_title=”Click here for full story”;
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var url=arr[i][2];
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var yy3 = yy2+””;
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Weeko = “Sun”;
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mm2 = “Apr”;
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mm2 = “May”;
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mm2 = “Jun”;
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else if (mm2==6)
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mm2 = “Jul”;
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mm2 = “Aug”;
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mm2 = “Sep”;
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mm2 = “Oct”;
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var xyvalu=”Latest value at “+xvalu+” is “+yvalu;
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do {
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var dd= fomat.substring(0,k1);
var mm = fomat.substring(k1+1,k2);
var yy = "20"+fomat.substring(k2+1,k3+1);

// conversion of months into numerical form

//+++++++++++++++++++++++++++++++++++
if (mm == "Jan")
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mm= "01";
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else if (mm == "Feb")
{
mm= "02";
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else if (mm == "Mar")
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mm= "03";
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else if (mm == "Apr")
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mm= "04";
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else if (mm == "May")
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mm= "05";
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else if (mm == "Jun")
{
mm= "06";
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else if (mm == "Jul")
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mm= "07";
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else if (mm == "Aug")
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mm= "08";
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else if (mm == "Sep")
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mm= "09";
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else if (mm == "Oct")
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mm= "10";
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else if (mm == "Nov")
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mm= "11";
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else if (mm == "Dec")
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mm= "12";
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var date = mm+"/"+dd+"/"+yy;
//here flagAr may be
var timestam = Date.parse(date);
var time4 = new Date(timestam);
var Weeko = time4.getDay();
var dd2 = time4.getDate();
var mm2 = time4.getMonth();

var yy2 = time4.getFullYear();
var yy3 = yy2+"";
var yy4= yy3.substring(2,4);
//++++++++++++++++++++++++this for days conversion++++++++++++++++++++++++++++
if (Weeko==1)
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Weeko = "Mon";
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else if (Weeko==2)
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Weeko = "Tue";
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else if (Weeko==3)
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Weeko = "Wed";
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else if (Weeko==4)
{
Weeko = "Thu";
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else if (Weeko==5)
{
Weeko = "Fri";
}

else if (Weeko==6)
{
Weeko = "Sat";
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else if (Weeko==0)
{
Weeko = "Sun";
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//+++++++++++++++++++++++this is for month conversion+++++

if (mm2==0)
{
mm2 = "Jan";
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else if (mm2==1)
{
mm2 = "Feb";
}

else if (mm2==2)
{
mm2 = "Mar";
}

else if (mm2==3)
{
mm2 = "Apr";
}

else if (mm2==4)
{
mm2 = "May";
}

else if (mm2==5)
{
mm2 = "Jun";
}

else if (mm2==6)
{
mm2 = "Jul";
}

else if (mm2==7)
{
mm2 = "Aug";
}

else if (mm2==8)
{
mm2 = "Sep";
}

else if (mm2==9)
{
mm2 = "Oct";
}

else if (mm2==10)
{
mm2 = "Nov";
}

else if (mm2==11)
{
mm2 = "Dec";
}
//++++++++++++++++++++++++++++++++++++++++

//weekly
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fomat2=dd2+"-"+mm2+"-"+yy4;
}

// Daily
else if ( timestamvar = timestamyear)
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fomat2=mm2+”-“+yy4;
}

//monthly
else if ((timestamvar <= timestammonth30)&&(timestamvar = timestamquarterly)
{
fomat2=mm2+”-“+yy4;
}

arr[i][0]= fomat2;
var decpad;

decpad = parseFloat(arr[i][1]);
//arr[i][1] = roundVal(decpad);
arr[i][1] = decpad;
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var xvalu=dd2+”-“+mm2+”-“+yy4;
var yvalu= String(arr[i][1]);
var xyvalu=”Latest value at “+xvalu+” is “+yvalu;
updt=”Updated on “+xvalu;
}
}

}
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//other required functions

//chart configuration starts here

function getXMLHttpRequest(file) {

//var arrSignatures = [“MSXML2.XMLHTTP.5.0”, “MSXML2.XMLHTTP.4.0″,
//”MSXML2.XMLHTTP.3.0”, “MSXML2.XMLHTTP”,
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//for (var i=0; i < arrSignatures.length; i++) {

try
{
var xmlhttp = new window.XMLHttpRequest();
xmlhttp.open("POST",file,false);
return xmlhttp;
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catch(e)
{
error=e.message;
}

//}
throw new Error("MSXML is not installed on your system.");
}

function readCSV(locfile) {
// load a whole csv file, and then split it line by line
var req = new getXMLHttpRequest(locfile);
//req.open("POST",locfile,false);
req.send("");
return req.responseText.split(/n/g);
}

function parseLineCSV(lineCSV) {
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// remove all trailing space in each field
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lineCSV[i] = lineCSV[i].replace(/s*$/g,"");
}

lineCSV[lineCSV.length-1]=lineCSV[lineCSV.length-1].replace(/^s*|s*$/g,"");
var fstart = -1;

for (var i=0;i=0) {
for (var j=fstart+1;j<=i;j++) {
lineCSV[fstart]=lineCSV[fstart]+","+lineCSV[j];
lineCSV[j]="-DELETED-";

}
fstart=-1;
}
}
fstart = (lineCSV[i].match(/^"/)) ? i : fstart;
}

var j=0;

for (var i=0;i<lineCSV.length;i++) {
if (lineCSV[i]!="-DELETED-") {
CSV[j] = lineCSV[i];
j++;
}

}

return CSV;
}

function roundVal(val_num){
var dec = 2;
var result = Math.round(val_num*Math.pow(10,dec))/Math.pow(10,dec);
return result;
}

function setdecimalpoints(deca)
{
var deca1= deca;
var deca2= parseInt(deca);
if((deca1-deca2)!=0)
{
return 2;
}
else
{
return 0;
}
}
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