By Dan Bell
The NZD/USD opens at 0.8310 this morning, close to 2-month highs.
Friday night’s US non-farm payroll employment release was greeted favourably as better than expected 146,000 jobs were created in November, however the previous figures were revised downward and the jobless rate dropped due to jobseekers giving up their search. The EUR/USD fell and US equities rallied in response.
Reports that Germany, Europe’s largest economy, is forecast to grow at just 0.4% in 2013 also weighed on the EUR/USD. The markets are still expecting the euro-zone rates to be cut from the current 0.75% in the coming months.
The negotiations over the US fiscal cliff continue – don’t expect any resolution anytime soon.
NZD/JPY hit a near 9-month high, while NZD/EUR is near 1-month highs.
World equity markets were mixed. The US Dow Jones was 0.6% higher, while the Nasdaq dropped 0.4% (Apple’s falling share price was the cause), while UK & European indices were little changed.
Gold prices rose to USD$1704, and Copper prices were firm at USD$8,035. Other metals prices were mixed, with Nickel falling 1.8%,
The NZD opens at 0.8310 USD, 0.7925 AUD, 0.6445 EUR, 0.5180 GBP, & 65.55 JPY.
NZ quarterly Manufacturing Sales figures hit the tapes at 10:45am today, with Chinese Trade Balance numbers out this afternoon.
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here
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