By Dan Bell
The NZD/USD opens around 0.8350/0.8370 this morning following a weaker night for ‘risk’ assets.
Not a huge amount to report. Most markets are marginally weaker overnight it what could be described as a ‘pullback’ as we head into the Xmas break.
US fiscal cliff negotiations continue. No resolution appears imminent so the next couple of weeks could be very interesting.
US stocks are currently down 0.4%. Commodities are mixed.
The NZD opens at current indicative mid rates: 0.7974 AUD, 0.5145 GBP, 0.6314 EUR, 70.59 JPY, 0.8255 CAD.
The EUR has been one of the strongest currencies again overnight trading to a high of 1.3308 against the USD.
It hasn’t been a good year for global investment bank UBS - they have been fined US$ 1.5 billion for the Libor fixing scandal.
NZ Q3 GDP is released at 10:45am this morning. The consensus is for q/q growth of 0.5% but some local economists are calling a flat to negative outcome- which would weigh on the Kiwi.
We also get ANZ Business Confidence at 1pm and the Bank of Japan announces monetary policy at some stage 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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