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The Opening Bell: Where currencies start on Thursday, February 9, 2012

Posted in Currencies February 9, 2012 - 08:01am, Dan Bell

By Dan Bell

The NZD/USD opens at 0.8335 this morning after trading to 5 month highs around 0.84 overnight.

Greek debt discussions remain unresolved. Euro zone Ministers are meeting again tonight. Despite the lack of progress on Greece, the EUR has held onto recent gains and is trading over 1.3250 against the USD this morning.

The AUD/USD made a 6 month high of 1.0844 overnight but also opens weaker at 1.0780 tracking a weaker afternoon for US stocks.

Equity markets were weaker in Europe overnight but relatively unchaged in the US with the S&P 500 currently flat for the day after trading to a 6 month high earlier in the session. Commodities are marginally weaker with the CRB Index down 0.1%.

The NZD opens at 0.7730 AUD, 0.6290 EUR, 0.5270 GBP and 64.10 JPY.

NZ Employment figures today. Unemployment expected to come in at 6.5% and Employment Growth at 0.4%.

Offshore we get CPI and PPI figures from China today and tonight the ECB and BoE announce monetary policy.

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

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