By Dan Bell

The NZD/USD opens at 0.8340 after hitting a high of 0.8370 and a low of 0.8309 overnight.

The market remains hopeful of a Greek debt deal this week which has seen the EUR/USD push through key resistance at 1.32 to make a high of 1.3270.

Apparently the private sector involvement issue have been mostly resolved, but Greece has yet to agree to specific austerity measures requested by EU and IMF officials.

The latest news is that a meeting between Greek politicians has been postponed for another day because political leaders have yet to receive a draft of the bailout agreement.

In a surprise move the Reserve Bank of Australia left interest rates on hold at 4.25% yesterday afternoon which sent the AUD/USD up 1 cent to make a six month high over 1.08 and NZD/AUD back into the low 0.77’s. Most analysts had expected the RBA to cut 25 bps - although they left rates on hold yesterday their comments left the door open to further rate cuts if needed.

Global stock markets have had a quiet session with the S&P 500 currently up 0.21%. Commodities are also slightly higher with the CRB Index up 0.38%.

The NZD is weaker against the EUR this morning and opens at 0.6290 but is stronger against JPY at 64.14 and is relatively unchanged against GBP at 0.5250.

Not much to report on the local front today. 

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