The Opening Bell: Where currencies start on Monday, November 2, 2015

By Dan Bell

The NZDUSD opens at 0.6760 (mid-rate) this morning.

The NZD had a solid close to the month of October with Friday’s business confidence data release helping the dollar post gains against all its major trading partners.

Friday’s U.S. data releases were largely weaker than expected with Personal Spending m/m, Personal Income m/m and the Core PCE Price Index m/m all falling just short of economists estimates the exception being the Chicago PMI report which jumped from 48.7 in September to 56.2 in October.

Domestically Wednesday mornings global dairy trade auction and employment data  releases will the main drivers for the NZD ahead of Friday nights U.S non-farm-payroll numbers.

Global equity markets finished the week mixed – Dow -0.52%, S&P 500 -0.48%, FTSE -0.52%, DAX +0.46%, CAC +0.24%, Nikkei +0.78%, Shanghai -0.14%.

Gold prices were down $3.50 on Friday but still posted a monthly gain of 2.4% closing at $1142 an ounce, WTI Crude Oil closed out the month at $46.59 a barrel having gained 3.3% over the month of October.

Indicative mid-rate pricing:

NZDUSD           0.6760       1.1%
NZDEUR           0.6128       0.5%
NZDGBP           0.4375       0.3%
NZDJPY             81.41        0.6%
NZDAUD           0.9498       0.5%
NZDCAD           0.8841       0.4%

Upcoming Data releases (NZST):
14:45 – CNY Caixin Manufacturing PMI


 

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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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