By Dan Bell
The NZD/USD opens at 0.7880/0.7910 this morning up from Friday’s lows around 0.7840.
Risk sentiment improved after the ECB said it will make it easier for banks to borrow from them by reducing the collateral rules. As a result sovereign bond yields in Spain and Portugal fell.
US stocks closed up with the S&P 500 +0.72%. Commodities also firmed with the CRB Index up 0.3%.
The NZD opens at 0.7850 AUD, 0.6285 EUR, 0.5060 GBP and 63.40 JPY.
The key event this week is the EU Summit where European policy makers will continue to discuss their response to sovereign debt concerns.
We should begin to get news from this on Thursday night/Friday morning NZT.
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here
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