By Dan Bell
The NZD/USD lower at 0.8315 this morning, having touched a 4-week low of 0.8285 overnight.
The EUR/USD hit a 11-month high on Friday, before retreating a little, after some of the European Central Bank’s stimulus measures were reversed. The strong EUR did not provide much support for the NZD.
The Fonterra’s milk powder ‘contamination’ news has placed some downward pressure on the NZD, with the NZD/AUD dropping 50 points from 3-month high of 0.8040.
NZD/EUR hit a 7-month low of 0.6155, while NZD/JPY touched a new 4 ½ year high of 76.30 Friday night.
US durable goods orders were better than expected in December. The US Federal Reserve monetary policy meeting will be held Wednesday night, and US non-farm payroll employment numbers Friday evening – these figures will provide further clues on the state of the US economic recovery.
World equity markets were generally slightly higher, although the Shanghai index up an impressive 3.1% on encouraging outlook for Chinese growth.
Gold prices slipped to 3-week lows of USD$1654. Copper and other base metals prices were mixed, with Nickel rising 1%.
The NZD opens at 0.8325 USD, 0.7995 AUD, 0.6185 EUR, 0.5305 GBP, & 75.55 JPY.
NZ Trade Balance hit the tapes at 10:45am today. Domestic Building Consents & RBNZ Cash Rate decision will be released later this week.
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here
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