By Dan Bell
The NZD/USD opens at 0.7680 down from yesterday’s highs around 0.7780 as Spanish bank bailout euphoria runs out of momentum.
US equities were down across the board with the S&P 500 off 1.26% on the day. Commodities were mostly weaker led by Oil prices down 2.95%.
The USD is stronger against most major currencies overnight with the AUD/USD down over a cent to open at 0.9867 and the EUR/USD down almost 200 points to 1.2482
While the market took the Spanish bank bailout news as a positive development many remain sceptical about long term sustainability of Euro Zone debt issues.
The NZD opens at 0.7788 AUD, 0.6160 EUR, 0.4965 GBP and 61.05 JPY.
NZ REINZ house price data today. Not much to report offshore.
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here
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