By Dan Bell
The NZD/USD opens this morning at 0.7830, having seen a low of 0.7806.
China cut their reserve ratio by 50bps this morning, after a raft of weak data for April, seeing the Kiwi and other risk assets lift off their lows this morning.
JP Morgan’s $2bn of trading losses, and the failure of Greece to form a coalition both kept stock markets under pressure Friday night.
Markets will be wary of further developments on these stories this week.
The NZD opens slightly higher on the crosses - 0.7802 AUD, 0.6065 EUR, 0.4870 GBP and 62.50 JPY.
NZ Retail Sales figures this morning 10.45am – expect volatility especially given the recent market indecision around the RBNZ’s next move
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here
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