By Dan Bell
The NZD/USD opens at 0.8160 this morning, relatively unchanged from yesterday.
Global stock markets are weaker overnight with the S&P 500 currently down 0.7%, following similar losses in most European markets.
The market is looking for better than expected corporate earnings to justify further strength in global equity markets - with the sluggish global economy this might be difficult to come by.
The NZD opens at 0.7985 AUD, 0.6335 EUR, 0.5105 GBP, 63.82 JPY, 0.8020.
From New Zealand today we get Business Manufacturing Index and Food Prices. From Australia the focus will be on Sep Employment data at 1:30pm - exp 4K new jobs and unemployment to tick up to 5.3%.
The NZD/AUD has fallen almost 100 points from recent highs so today’s AU employment data will be key to further direction. Overall we see NZD/AUD higher but might see further downside to low 0.79’s.
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here
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