By Dan Bell
The NZD/USD opens at 0.7870/0.7880 after finding support at 0.7840 and resistance at 0.79 overnight.
Global equity markets fell sharply on doubts that a European summit this week would make progress in solving the region's debt crisis. The S&P 500 ended down 1.6%.
Germany's Merkel speaking at a conference overnight dampened expectations of a Eurobond while Cyprus confirmed it will seek a bailout from the EU.
The NZD opens at 0.7860 AUD, 0.6290 EUR, 0.5060 GBP, 62.70 JPY.
Not much to report on the local front today. Core Durable Goods orders from the US tonight will be of interest.
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here
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