By Dan Bell
The NZD/USD opens at 0.8160/0.8180 this morning after hitting a low of 0.8132 overnight.
Commodity currencies have been under pressure over the last 24 hours following the release of Trade Data from China which showed a US$ 31.5 billion deficit in February - the worst deficit in over 10 years.
While this was impacted by Chinese Lunar New Year holidays, analysts were still surprised at the significant drop in exports and import growth of 39.6%.
The NZD came under further pressure after Fonterra cut their payout forecast due to the high NZD/USD.
US equities are currently trading marginally higher for the day. Commodities are weaker with the CRB Index down 0.51%.
The NZD opens at 0.7780 AUD, 0.6210 EUR, 05220 GBP and 67.20 JPY.
On the local front we get NZ Food Price Index this morning. From Australia we get Home Loans and Business Confidence.
Offshore the focus remains on the US with Retail Sales tonight and the FOMC tomorrow morning.
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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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