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The Opening Bell: Where currencies start on Monday, February 13, 2012

Posted in Currencies February 13, 2012 - 07:52am, Dan Bell

By Dan Bell

The NZD/USD has been under pressure over the weekend and opens around 0.8265 this morning.

Investor sentiment has taken a hit as Greek debt concerns continue. The Greek government is currently debating austerity measures and will be voting on new legislation required to receive the next tranche of bailout funds this morning at 11am NZT.

Global stock markets dropped on Friday night with most European markets down 1%. The US followed suit with the S&P 500 down 0.66%. Commodities saw bigger declines with the CRB Index down 1.06% led by copper which was down almost 3% and oil off 1.17%.

The EUR/USD opens at 1.32 and the AUD/USD at 1.0670 as broad risk aversion benefits the US Dollar.

The NZD opens at current levels against the major cross rates - 0.6260 EUR, 0.7740 AUD, 0.5240 GBP and 64.10 JPY.

Not much to report on the local front today. The Greek situation remains the key event over the next 24hrs.

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

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