By Dan Bell
The NZD/USD continued to strengthen into the early European market session yesterday and made a high of 0.7772 but came under pressure as the night progressed and dropped over 1 cent to make a low of 0.7650. We open this morning around 0.7670.
No surprises, European debt concerns led the turn in sentiment overnight.
US stocks are trading lower with the S&P 500 down 0.4%. Commodities have held up well with the CRB Index up 0.74%.
The NZD is weaker against most major cross rates overnight and opens at current indicative levels- 0.5880 EUR, 0.4895 GBP, 0.7610 AUD, 59.90 JPY.
Today the focus will be on NZ Q3 GDP at 10:45am with the market expecting growth for the Quarter to come in at +0.6%.
-------------
Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here
We welcome your comments below. If you are not already registered, please register to comment.
Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.