By Dan Bell
The NZD/USD opens at similar levels to yesterday at 0.7910 after hitting a high of 0.7940 and a low of 0.7880 overnight.
The big mover overnight was the EUR which came under pressure in the early European session. The EUR/USD dropped 2 cents from yesterday’s highs over 1.27 which has seen the NZD/EUR trade to an overnight high of 0.63.
Despite the more positive election result from Greece, investors remain concerned about other EZ economies - particularly Spain where 10 Year bond yields have pushed up over 40 points to 7.29%.
The 7% level is seen by many as unsustainable and was the same rates that led Portugal, Ireland and Greece into bailout talks.
Global stocks have had a mixed night. The S&P 500 ended up 0.23% while the Dow was down 0.2%.
The NZD is up against most major cross rates this morning and opens at current indicative interbank mid rates: 0.7820 AUD, 0.5053 GBP, 62.65 JPY.
Not much to report from NZ today. From Australia we get the RBA Minutes from their 5th June meeting.
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here
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