By Dan Bell
The NZD/USD opens at 0.8270/0.8280 after trading to an interbank high of 0.8320 overnight.
European markets opened with a positive tone which gave the Kiwi a boost higher but came under pressure into the NY session after equities reversed some of their earlier gains.
US stocks finished in the positive with the S&P 500 Index up 0.19%. European stocks were up over 1.5% after Spanish fears eased overnight.
The NZD us holding against the major crosses and opens at current indicative mid rates: 0.7980 AUD, 0.6420 EUR, 0.5130 GBP, 64.55 JPY, and 0.8135 CAD.
The main event today is the RBA interest rate announcement at 5:30pm NZT. The market is pricing in approx 60% chance of a rate, and economists are divided with some expecting a 25bps cut today while others are calling for it later in the year.
On the local front we get ANZ Commodity Price Index at 1pm. Fonterra Global Dairy Trade auction tomorrow morning will also be interesting for the NZD.
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here
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