By Dan Bell
The NZD/USD opens at 0.82 this morning, recovering from yesterday’s lows around 0.81.
Not much to report overnight. US ADP Employment numbers came in at +216K for Feb
US stocks are up over 0.5%. The CRB Commodity Index is flat.
The deadline for Greek Private Creditors is this evening- the market is more confident they will get enough participation to meet the conditions of policy makers to receive the next tranche of bailout funds.
Q4 GDP from Australia yesterday came in at +0.4% when the market was expecting +0.8%. the AUD/USD came under selling pressure and hit a 6 week low around 1.05 but has recovered overnight and opens around 1.0570
NZD/AUD has also recovered from recent lows under 0.77 and opens at 0.7740 this morning.
The NZD is also up against the other major cross rates and opens at 0.623 EUR, 0.52 GBP, 66.4 JPY.
RBNZ OCR/MPS this morning. No change expected to the OCR at 2.5% but comments will be key.
Tonight the European Central Bank and Bank of England announce monetary policy as well.
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here
(Updated with Dow close)
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