By Dan Bell
The NZD/USD continued lower last night on investor fears surrounding the increasingly uncertain Eurozone, seeing a low of 0.7730. We open slightly higher this morning around 0.7780.
ECB led Italian bond purchases have seen markets off their lows, but for how long…? Focus now on French bond yields having seen historic high of 164bps vs German Bunds overnight.
S&P ‘accidentally’ sent two subscribers a message saying France had been downgraded, only to be retracted, until next week maybe..?
The EURUSD has bounced back to 1.3610 from 1.3480, the AUDUSD is back to 1.0150 having been to 1.0050
US stock markets are slightly higher this morning, Dow Jones +1.25%, S&P 1.1%, CRB Index +0.16%
The NZD has had a poor night against the major cross rates and opens at 0.5715 EUR, 0.4885 GBP, 0.7655 AUD and 60.40 JPY.
A US holiday today (Veteran’s day), but another volatile 24 hours is on the cards.
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here
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