By Dan Bell
The NZD/USD opens at 0.8300/10 this morning after the Federal Reserve announced another round of Quantitative Easing this morning.
US stocks surged after the announcement with the S&P 500 up 1.63%. The US Dollar is weaker against most major currencies with the EUR/USD trading to a high of 1.30 and the AUD/USD to a high of 1.0565.
The Fed announced they will undertake opened ended buying of Mortgage Backed Securities up to US$ 40bn per month. They also lengthened zero rate guidance to mid 2015. They will also continue their Operation Twist program.
The NZD is up against most major cross rates and opens around 0.7870 AUD, 0.6395 EUR, 0.5140 GBP, 64.30 JPY.
Not much to report on the local front today.
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here
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