By Dan Bell
The NZD/USD opens at 0.8340 this morning after making a high of 0.8375 overnight.
The NZD has been one of the strongest currencies overnight and is higher against all major cross rates to open at current indicative levels- 0.7770 AUD, 0.6320 EUR, 0.5290 GBP, 64.80 JPY.
The NZD received a boost after the Greeks approved the austerity measures yesterday and continued to push higher as investor sentiment improved through the London and New York session.
Global stocks pushed up overnight with the most European equities up +0.5%. In the US markets still have another hour or so and are currently up 0.65%.
Commodities are also up with the CRB Index +0.46% for the day led by oil prices up 1.74%.
EU Policy makers meet on Wednesday to approve the next loan tranche to Greece.
Not much to report on the local front today. From Australia we get the NAB Business Confidence results at 1:30 NZT.
Tonight we get US Retail Sales which will be of interest. Better than expected US data has been supporting risk appetite recently.
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here
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