By Dan Bell
The NZD/USD opens around 0.8060/0.8080 after another quiet night across global markets.
There wasn’t much to drive markets on Friday night. US stocks finished marginally higher with the S&P 500 up 0.19%.
Commodities were slightly firmer with the CRB Index up 0.36% led by oil prices up 0.43%.
The AUD/USD was under pressure into the early European session dropping from Friday highs over 1.05 to lows around 1.0415. As a result NZD/AUD firmed and opens around 0.7732 this morning.
The NZD opens against the other major cross rates at 0.6530 EUR, 0.5130 GBP, and 64.10 JPY.
Not much to report on the local front today or for the rest of the week for that matter. NZ Trade Balance numbers on Friday which has been a market mover recently.
Offshore the focus will be on the FOMC Meeting Minutes on Thursday morning from the US. Given the focus on QE or not to QE any Fed rhetoric will be closely watched.
Also keep an eye out for any developments in Europe.
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here
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