By Dan Bell
The NZD/USD opens at 0.8430/0.8450 this morning after trading a 50 point range overnight.
The NZD/USD has managed to consolidate recent gains despite looking overbought.
The NZD continues to benefit from relative global yield story as most other G10 economies are either printing money or keeping their interest rates near all time lows.
Not much to report from offshore markets. US equities are up 0.63%. Commodities are marginally higher.
Republican House Speaker John Boehner signalled willingness to move closer to President Barack Obama's demands as they try to avoid going over the Fiscal Cliff on the 1st Jan. These negotiations will continue to be a big focus of markets over the next few weeks.
The NZD opens at current indicative mid rates: 0.8002 AUD, 0.6412 EUR, 0.5209 GBP, 70.68 JPY, 0.8305 CAD.
From NZ today we get ANZ Business Confidence at 1pm. From Australia we get Monetary Policy Meeting Minutes at 1:30pm.
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here
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