By Dan Bell
The NZD/USD opens at 0.8350 this morning after a quiet weekend across global markets.
US stocks were marginally stronger with the S&P 500 up 0.27% on Friday night.
Commodities performed better with the CRB Index up 0.78% led by oil prices up 1.8%.
The G20 met over the weekend but so far nothing worth noting has come from the meeting.
The EUR continues to recover against most major currencies- EUR/USD opens at 2.5 month highs around 1.3458 while NZD/EUR opens around 0.62 this morning.
The NZD is weaker against GBP at 0.5250 this morning- but is stronger against the AUD at 0.7810 and JPY at 67.90.
On the local front we get Trade Balance numbers at 10:45am this morning.
The big announcements this week are the ECB’s LTRO (Long Term Refinancing Operation) on Wednesday night NZT and testimony from US Fed Chairman Ben Bernanke on Thursday morning NZT.
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here
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