By Dan Bell
The NZD/USD opens at 1 month highs over 0.78 this morning as the US Dollar trends lower and risk sentiment remains buoyant.
Economic data from the US disappointed again overnight with jobless claims increasing, current account deficit larger than expected and CPI lower than expected all prompting further expectations the Fed will announce further unconventional monetary policy stimulus (QE3) at their meeting next week.
US stocks are up with the S&P +1.08%. Commodities have had a solid night with the CRB Index up 1.03%.
It would seem the Greek’s are feeling more upbeat about this weekend’s election - their stock market rallied over 10% overnight.
The NZD is up against most major cross rates and opens at 0.7806 AUD, 0.6194 EUR, 0.5020 GBP, 62.10 JPY.
NZ Business Manufacturing Index today. Bank of Japan interest rate announcement this afternoon. Greek election on Sunday.
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here
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