By Dan Bell
The NZD/USD opens at 0.7910/0.7930 this morning after a relatively quiet night across global markets.
Stock markets were up across the board overnight. Most European equities were up 1.5% and in the US the S&P 500 and Dow Jones Index are up almost 1%. Commodities are similar with the CRB Index up 0.9% led by Oil prices up 1.37%.
US Durable Goods Orders and Pending Home Sales were better than expected which gave sentiment a boost.
The 20th European Summit since the debt crisis started kicks off this evening. Most market participants doubt we will see any concrete plans emerge from this evening’s talkfest so expect to be disappointed.
The NZD is up against most major cross rates and opens at 0.7850 AUD, 0.6340 EUR, 0.5080 GBP and 63.00 JPY.
NZ Business Confidence at 1pm today. Not much to report from Australia. EU Summit tonight.
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here
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