By Dan Bell
The NZD/USD opens under 0.79 this morning after trading to a low of 0.7865 overnight.
Risk aversion has flared up again with ongoing concerns in Spain sending investors back into safe haven assets.
As a result the US Dollar and Japanese Yen have firmed against most major currencies.
US stocks closed down 0.8% while commodities were hit harder with the CRB Index down 1.87% led by oil prices down 3.7%.
The NZD is down against most major cross rates and opens at current indicative levels: 0.7680 AUD, 0.6490 EUR, 0.5090 GBP, 61.90 JPY.
Nothing to report from NZ today. From Australia the RBA Gov is speaking at an event after lunch and China HSBC Flash Manufacturing PMI at 2:30pm.
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here
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