By Dan Bell
The NZD/USD opens at 0.8280 this morning in what is likely to be a quiet Monday.
The EUR/USD rallied on speculation Spain is considering freezing pensions and speeding up a rise in the retirement age as it attempts to meet conditions which will allow European Central Bank bond-buying assistance. This also kept the NZD/USD supported.
CRB Commodity Index climbed 0.7% overnight. Oil prices rose 1.2%, Copper gained 0.2%, while Gold climbed to USD$1772, having spiked as high as USD$1790 at one stage.
Global equity markets were mixed Friday night. The US indices lost circa 0.1%, while the European markets rose 0.6 to 0.9%. The Shanghai Composite Index (SSEC) closed flat on the day.
The NZD opens at 0.8280 USD, 0.7925 AUD, 0.6380 EUR, 0.5100 GBP, & 64.70 JPY.
There is no data scheduled on the domestic calendar today. News on any Spanish bailout is likely to be the dominant event this week.
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here
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