By Dan Bell
The NZD/USD opens lower at 0.8215 this morning, as the financial markets await word on the whether Greece has done enough to secure its second bailout package.
Euro zone finance ministers and the International Monetary Fund are still attempting to reach agreement to release the crucial loans Greece needs to pay off maturing debt.
Policymakers are now saying a Greek debt write-off is not an option (for the moment at least).
The US authorities are set to resume negotiations to avoid the upcoming ‘fiscal cliff.’
World equity markets are lower on the day. The US indices are down circa 0.5%, while UK/European markets fell 0.3 to 0.6% as the Greek debt uncertainty is weighing on risk tolerances.
Gold prices fell 0.2% to USD$1749, while Copper closed steady at USD$7780. Other metals prices were mixed.
The NZD opens at 0.8215 USD, 0.7860 AUD, 0.6335 EUR, 0.5130 GBP, & 67.50 JPY.
NZ Trade Balance is today at 10:45am, while Inflation Expectations data hit the tapes at 3:00pm.
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here
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