By Dan Bell
The NZD/USD opens at 0.8245 this morning after trading to a high of 0.8265 overnight.
Global stock markets have been under pressure with investors concerned about the fallout from Cyprus.
Eurogroup officials are currently meeting to discuss plans.
The main concern with Cyprus is the contagion risk to larger EU economies.
If European officials are prepared to tax depositors in Cyprus why wouldn’t they do the same in Spain, Italy and Greece!?
The S&P 500 is currently down 0.53% while most European stocks were down 0.5-1%
The NZD opens at 0.7933 AUD, 0.6372 EUR, 0.5466 GBP, 78.40 JPY and 0.8423 CAD.
Not much to report on the local front today. From Australia we get the RBA Monetary Policy Meeting Minutes at 1:30pm. The markets focus will remain on Cyprus bailout discussions.
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here
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