The Opening Bell: Where currencies start on Thursday, October 1, 2015

By Dan Bell

The NZDUSD opens at 0.6390 (mid-rate) this morning.

The NZD has continued to out-perform making steady gains against all its major competitors benefiting from the re-emergence of risk appetite.

Global equity markets have rallied strongly following deflationary data out of  the Euro-zone, with many economists now believing further easing will be required to bolster the economy.

Euro-zone inflation turned negative in September on the back of falling energy prices. Consumer prices unexpectedly fell by 0.1% year-on-year in September, offsetting a 0.1%rise in August.

The U.S. private sector employment jumped by 200k jobs in September following a downwardly revised increase of 186,000 jobs in August. The market had been expecting an increase of 191k jobs in line with the previous month.

Direction today will be dictated by the Chinese manufacturing data due out this afternoon.

Global equity markets are sharply higher – Dow +1.15%, S&P 500 +1.28%, FTSE +2.58%, DAX +2.22%, CAC +2.57%, Nikkei +2.70%, Shanghai +0.48%.

Gold prices are down $11 at $1116 an ounce, WTI Crude Oil is little changed  currently trading at  $45.65 a barrel.

Upcoming Data releases:
14:00 – CNY Manufacturing PMI
14:45 – CNY Caixin Final Manufacturing PMI

Indicative mid-rate pricing:

  NZDUSD           0.6390        0.7%
  NZDEUR           0.5714        1.2%
  NZDGBP           0.4219        0.9%
  NZDJPY             76.60          0.8%
  NZDAUD           0.9108        0.3%
  NZDCAD           0.8530        0.2%


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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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return 2;
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else
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return 0;
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