By Dan Bell
The NZD/USD opens around 0.8210 this morning after briefly dipping under 0.82 overnight.
Global stock markets eased with most European bourses down 0.5-1%. US equities were marginally lower with the S&P 500 down 0.1%, although Face Book shares were down 9% overnight.
Commodities also struggled with the CRB Index down 1%. Oil prices were down 0.9%, Gold off 0.56%.
Germany Business Confidence came in worse than expected with the IFO Institutes business sentiment falling for the fifth straight month overnight.
The US Dollar is stronger against most major currencies with the AUD/USD trading under 1.04 overnight and the EUR/USD trading to a low of 1.2890.
The NZD is lower against most of the major cross rates and opens at 0.7890 AUD, 0.6350 EUR, 0.5070 GBP, 63.90 JPY.
Not much to report on the local front today. While risk sentiment has struggled overnight, no major news developments and little on the calendar today should see markets continue to tread water.
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here
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