By Dan Bell
The NZD/USD, along with stock markets, have shot higher this morning – with a break in negative news overnight.
The Kiwi opens this morning at 0.7650.
This risk rally has been attributed to ‘profit-taking’, as well as China announcing that they have more room to cut their reserve ratios for further stimulus.
French and German finance ministers continued their discussions from the weekends G8, agreeing to keep Greece in the Eurozone, and looking at ways to encourage growth in the region.
Stock markets this morning: Dow Jones +1.09%, S&P +1.59%, FTSE +0.7%
The NZD opens the crosses - 0.7715 AUD, 0.5965 EUR, 0.4830 GBP and 60.65JPY.
NZ Inflation expectation numbers out at 3.00pm – not generally a larger market mover, but interesting given the mixed RBNZ outlook.
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here
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