By Dan Bell
The NZD/USD opens around 0.8090 after trading to a new 3 month high of 0.8120 and a low of 0.8070 overnight.
The markets remain in consolidation mode leading up to the ECB and Fed announcements over the next day or so.
Global stocks eased off recent highs with the S&P 500 down 0.43%. Commodities have also slipped with the CRB Index down 1% led by oil prices down 2.60%.
The NZD is relatively unchanged against the major crosses and opens at current indicative mid rates- 0.77 AUD, 0.6570 EUR, 0.5160 GBP, 63.00 JPY. Germany's finance ministry reiterated its view on
Tuesday that there is no need to grant a banking licence to the euro zone's new bailout fund. Many were hoping this would be allowed to give the bailout fund more firepower.
Nothing to report from NZ today. Tomorrow morning we get the latest Fonterra Dairy Trade Auction result.
Offshore we get official Chinese Manufacturing PMI data at 1pm and the HSBC Final Manufacturing PMI at 2:30pm.
Tonight the focus will be on the ADP Employment Numbers from the US- seen as a precursor to the official Employment Report on Friday night- and the FOMC statement from the Federal Reserve.
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here
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