By Dan Bell
The NZD/USD opens around 0.8240 after a relatively quiet night across global markets.
The EUR is weaker against most major currencies on EU debt concerns- Greece is running out of money again and missing their austerity targets and suggestions Spain’s sovereign debt rating will be downgraded if they don’t ask for a bailout.
European stocks were weaker across the board. US markets are relatively unchanged with the S&P 500 down 0.04%.
The NZD opens at current indicative mid rates: 0.7954 AUD, 0.6446 EUR, 0.5162 GBP, 66.15 JPY, and 82.20 CAD.
The US Presidential Election will keep investors nervous over the next 48 hours. The current polls have Obama ahead by 1%.
The focus on the local front is the Reserve Bank of Australia rate announcement at 4:30pm NZT and the Melbourne Cup at 5pm.
The market is evenly divided about the RBA’s decision today with 50% expecting a rate cut and 50% expecting no change while Americain is the favourite to take out the cup.
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here
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