By Dan Bell
The NZD/USD opens higher at 0.8085 this morning after a quiet overnight session.
With the northern hemisphere in mid-summer and firmly in holiday mode, there is not a great deal to report.
The equity market volatility index (VIX), also know as the ‘fear index’, is reflective of this and is at its lowest reading in 5-years, that is pre-GFC.
There is still some uncertainty about the scope of European Central Bank action to contain the region’s debt crisis.
It is speculated that Greece will seek a 2-year extension to its fiscal reforms when the Greek PM meets with German, French and Euro-group counterparts later this week.
Global equity markets closed essentially flat on the day.
The 19-commodity CRB Commodity Index was rose 0.4%. Oil prices rose marginally, while Gold firmed 0.2% to USD$1620 per ounce. Copper prices dropped 1.2% to USD$7455 a tonne, and were other base metals prices were generally lower.
The NZD opens at 0.8085 USD, 0.7740 AUD, 0.6550 EUR, 0.5145 GBP, & 64.15 JPY.
NZ inflation expectations & credit card spending will be released at 3:00pm today. Australian RBA monetary policy meeting minutes hit the tapes at 1.30pm.
-------------------------------------------------------------
To subscribe to our daily Currency Rate Sheet email, enter your email address here.
-------------------------------------------------------------
Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here
No chart with that title exists.
We welcome your comments below. If you are not already registered, please register to comment.
Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.