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- Why China won't save NZ again
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The Opening Bell: Where currencies start on Tuesday, February 21, 2012
By Dan Bell
The NZD/USD opens at 0.8380 after trading in a relatively tight range between 0.8375 and 0.8420 overnight.
US Markets have been closed overnight for Presidents Holiday.
Greek debt discussions continue to drag on. Euro zone finance minsters are still in meetings with an announcement expected before midday today NZT.
The EUR/USD has been as high as 1.3276 and remains supported around 1.3245 this morning while the AUD/USD opens at 1.0750 as the USD remains under pressure following yesterday’s rally in risk assets after China’s surprise policy easing.
European equities are firmer across the board. Commodities are also up overnight particularly oil prices which are up over 1.5% to 105 USD bbl on supply worries out of Iran.
The NZD continues to find support against the major cross rates and opens at 0.78 AUD, 0.6330 EUR, 0.5290 GBP, 66.60 JPY.
On the local front we get NZ Inflation expectations survey at 3pm.
From Australia we get the RBA Minutes from their most recent interest rate announcement where they surprised the market and kept rates on hold. RBA Governor Glenn Stevens is also speaking later this afternoon.
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here
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