By Dan Bell
The NZD/USD opens around 0.82 this morning after trading to a high of 0.8280 overnight.
The Kiwi has followed most risk assets lower through the NY session with US stocks currently down 1%.
The US Dollar has benefited from safe haven flows and is up against most currencies with the EUR/USD trading around under 1.29 and the AUD/USD under 1.04.
There wasn’t any significant market news overnight but concerns about Europe were back in the headlines. Thousands of people are protesting in the streets and around parliament in Spain. EU governments continue to push through more budget cuts and austerity measures which are causing social unrest across the region.
There were also comments from one of the ECB members that any additional Greek bailouts will have to come from EU countries not the ECB.
The NZD opens at current indicative mid rates: 0.82 USD, 0.79 AUD, 0.6360 EUR, 63.80 JPY, 0.5070 GBP, and 0.8055 CAD.
From NZ today we get Trade Balance numbers at 10:45. Not expected to be a market mover but worth a look.
The turn in risk sentiment looks set to continue as the euphoria from central bank stimulus continues to wear off.
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here
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