By Dan Bell
The NZD/USD saw another low of 0.7810 last night, currently 0.7845, as risk aversion continues to drive market direction.
Greece’s political uncertainty continues to be the major concern, as representatives of the EU, IMF and ECB cancelled their visits due to the volatile situation.
Markets did bounce back slightly after the EFSF confirmed another EUR 5.2b to Greece..
Global stocks have therefore had another poor night - the S&P 500 -0.7%, the Dow Jones -0.75% confirming 6 straight down days in a row – it’s worst run since August of 2011.
The NZD sits at similar levels on the crosses to yesterday’s open - 0.7780 AUD, 0.6065 EUR, 0.4865 GBP and 62.45 JPY.
Australian Employment data is released at 1.30pm today. With focus clearly on the RBA’s next move with the cash rate, expect some volatility around this. Chinese Trade Balance numbers will also be released today.
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here
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