By Dan Bell
The NZD/USD opens at 0.8205 this morning, having ranged of 0.8172 to 0.8224 the past 24 hours.
The EUR/USD rose to 6-week highs as worries about Greece & Spain abated somewhat, while Chinese manufacturing data gave further signs of economic stabilisation.
Greece’s creditors are considering a debt write-down, and a bond buy back, while Spain has now formally requested EUR$50 billion of European funds to recapitalise its crippled banking sector.
World equity markets were little changed – USD indices were down 0.3%, while UK & European indices gain 0.1% to 0.4% overnight.
Gold prices edged up to USD$1718, while Copper climbed to a 6-week high of USD$8,045 on growing confidence in the economic outlook in China. Other metals prices were generally stronger, with the exception of Nickel (down 0.7%).
The NZD opens at 0.8205 USD, 0.7875 AUD, 0.6285 EUR, 0.5095 GBP, & 67.45 JPY.
ANZ Commodity index, scheduled for a 1:00pm released, is the only domestic data on the calendar.
The Reserve Bank of Australia is widely expected to lower their cash rate by 0.25% to 3.00% at their 4:30pm meeting today. This may create some volatility in the NZD/USD and NZD/AUD rates.
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here
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