By Dan Bell
The NZD/USD opens around 0.84 this morning after trading to a low of 0.8365 overnight.
Global markets have had a relatively quiet night with most US stocks trading flat for the day. A number of banks rallied overnight including Goldman Sachs which tripled Q4 earnings.
Industry figures showed European new car sales plunged in 2012 to their lowest since 1995, with all major euro zone markets suffering.
U.S. consumer prices were flat in December, pointing to muted inflation pressures that should help give the Federal Reserve room to prop up the economy by staying on its ultra-easy monetary policy path.
The focus today is on Australia’s employment numbers for December - the unemployment rate is expected to rise to 5.4% (from 5.2%) and employment growth is expected at just 4.5k (from +13.9k).
Underlying labour market softness has been a concern at the RBA over the past few months and a fresh increase in the December unemployment rate could well rekindle rate cut talks ahead of the February 5th policy meeting.
The NZD opens at current indicative mid rates: 0.7958 AUD, 0.6330 EUR, 0.5250 GBP, 74.40 JPY, 0.8287 CAD.
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here
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