By Dan Bell
The NZD/USD opens at 0.8210/0.8220 this morning after hitting a high of 0.8230 and a low around 0.8130 over the last few days.
US stock markets have been open overnight and are down 1% for the day.
The key driver has been weaker than expected US employment numbers released on Friday night. The Non Farm Payrolls number came in at +120K new jobs when the consensus was for +200K new jobs.
The weaker jobs number from the US has seen increased speculation of further quantitative easing from the US Central Bank - which has the US Dollar under pressure against most major currencies.
The NZD is up against most major currencies and opens around 0.7960 AUD, 0.5160 GBP, 0.6262 EUR, 67 JPY.
Not much to report on the local front this week. Tomorrow we get NZ Business Confidence at 10am and Manufacturing Data on Thursday. From Australia the focus will be on Employment numbers on Thursday.
Offshore the focus will be on any speeches and comments from US Central Bankers regarding further monetary stimulus.
We also get a bit of news from China with Trade Balance numbers, Industrial Production and GDP later this week.
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here
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