The NZD/USD opens around 0.8345 this morning after trading to an interbank high of 0.8369 overnight.
The EUR initially rose after Cyprus agreed to shut down its second-largest bank and inflict heavy losses on uninsured depositors in return for a 10 billion euro bailout, but came under heavy selling pressure after Dutch finance minister Jeroen Dijsselbloem, who heads the Eurogroup, told reporters that the rescue program agreed for Cyprus represents a new template for resolving euro zone banking problems and other countries may have to restructure their banking sectors!
The EUR/USD is down almost 2% from overnight night highs which has the NZD/EUR at 7 month highs.
The NZD opens at 0.7985 AUD, 0.6498 EUR, 0.55 GBP, 78.55 JPY, and 0.8535 CAD.
US stocks are trading in negative territory with the S&P 500 down 0.46%.
On the local front we get NZ Trade Balance numbers at 10:45am. Not a market mover but worth a look. This afternoon RBA Governor is giving a speech in Sydney.
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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