By Dan Bell
The NZD/USD has been weaker overnight - after hitting a high of 0.8218 yesterday afternoon we saw a steady decline to lows around 0.8114 overnight and open in the middle of the range at 0.8145.
Not much to report from Global markets overnight. Stock markets are marginally weaker with the Dow Jones Index currently down 0.16% and the S&P 500 flat.
The NZD is weaker against most major cross rates and opens at 0.6160 EUR, 0.5130 GBP, 68.00 JPY and 0.7790 AUD.
On the local front the focus will be on Q4 GDP release at 10:45am this morning with the market expecting growth to come in at +0.6% for the quarter.
Offshore the focus will be on China Flash Manufacturing PMI at 3:30pm.
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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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2 Comments
from the ANZ >>
But bank economists expected the deficit to push back towards 5 per cent of GDP by the end of this year, the danger zone for foreign investors.
"With debt an ugly word at present, rating agencies and overseas lenders will take a dim view if they see high deficits eventuating and will not stand idly by," ANZ Bank economists said.
The release valve would be a fall in the New Zealand dollar.
http://www.stuff.co.nz/business/industries/6615498/Ratings-agencies-wat…
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