By Dan Bell
The NZD/USD rose slightly yesterday and opens at 0.8150 this morning, after a relatively subdued night.
The NZD/USD and EUR/USD have been supported by:
- Encouraging manufacturing data from China, boosting optimism about their on-going growth prospects.
- Hopes that a bailout deal for Greece will eventually be agreed.
- Better than anticipated euro-zone manufacturing data, which is easing concerns about a deepening EU recession at the margins.
Expectation of further Japanese monetary easing is weakening the JPY, with the NZD/JPY making a new 6-month high.
World equity markets rose on the day. The US indices gained circa 0.3%, while UK/European markets rose 0.6% to 0.8%.
Gold prices was steady at USD$1729, while Copper was flatness at USD$7720. Other metals prices rose, while Nickel fell a hefty 2.7%.
The NZD opens at 0.8150 USD, 0.7850 AUD, 0.6330 EUR, 0.5115 GBP, & 67.15 JPY.
There is no domestic data scheduled today.
The markets are likely to be quiet today with holiday in Japan and US Thanksgiving long weekend upon us.
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here
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