By Dan Bell
The NZD/USD opens around 0.8160/0.8180 this morning after a relatively quiet night for global FX markets.
Global stocks were mostly up on Friday on better than expected corporate earnings from the US. The Dow Jones Index closed up 0.5% while the S&P 500 finished up 0.12%.
Commodities were also firmer with the CRB Index up 0.63% led by Oil prices up 1.13%.
The G20 has pledged US$ 430 billion in new funding for the International Monetary Fund - which doubles their lending power.
French President Sarkozy has lost the first round in the French elections - deciding vote is on the 6th May but based on weekend result and current polls he is expected to lose.
The NZD is marginally weaker against the major cross rates and opens at 0.7870 AUD, 0.5070 GBP, 0.6190 EUR, 66.50 JPY.
The focus on the local front will be the RBNZ on Thursday morning- no change expected to the OCR but watch the comments. From Australia we get CPI on Tuesday.
Offshore we get the FOMC (US Central Bank) interest rate announcement on Thursday morning - any hint of QE3 and the USD will be hammered. From China we get the HSBC Flash Manufacturing PMI this afternoon.
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here
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