By Dan Bell
The NZD/USD continues to consolidate over 0.77 and opens this morning at 0.7750.
Not much to report overnight. US Retail Sales came in worse than expected which has seen a reversal in US stocks which were trading in positive territory at one stage but ended down 0.7%.
The EUR has had a good night - hard to justify considering the uncertainty of this weekend’s Greek election?
The NZD opens weaker against most major cross rates at 0.7784 AUD, 0.6162 EUR, 0.4994 GBP and 61.50 JPY.
The RBNZ is the focus today. We expect the RBNZ to leave rates unchanged at 2.5%. Comments and statement will be closely watched.
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here
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