By Dan Bell
The NZD/USD has been under pressure as European debt concerns drive a fresh bout of risk aversion across global markets.
With the situation in Greece still unresolved investors are becoming increasing concerned about the contagion impact on larger economies like Italy and Spain where the cost of insuring against their sovereign debt is making record highs.
The NZD/USD made a low of 0.8270 and opens just under 0.8300 this morning.
Global equity and commodity markets have been under pressure with European and US equities down between 1-3% and most commodities down an average of 1%.
The EUR/USD dropped under 1.40 at one stage to make a six week low of 1.3984.
The AUD/USD has been to a low of 1.0627 after trading as high as 1.0780 last week.
The NZD continues to perform strongly against the EUR trading over 0.5900 but is weaker against JPY as the Yen benefits from safe haven flows and opens around 66.50. Against the AUD we are slightly weaker trading under 0.7800 and unchanged against GBP around 0.5200.
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here
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