The NZD/USD opens just under 0.81 this morning after trading a relatively tight range on Friday night between 0.8070-0.8115.
There wasn’t a huge amount to report over the weekend. US durable goods orders rose more than expected in April up 3.3% for the month. The German IFO Business Climate survey also came out better than expected.
US stock markets had a mixed session with the S&P 500 down 0.06% while the Dow Jones Index finished up in mildly positive territory.
The NZD opens around 5 year highs against the AUD at 0.8390. After consolidating around the 0.83 level for the last week or so the NZD/AUD has broken resistance around 0.8380 which opens up potential to 0.8450/0.85 levels in due course.
Against the other major cross rates the NZD opens around 0.6250 EUR, 0.5350 GBP, 81.86 JPY, and 0.8346 CAD.
Not much to report on the domestic front today. The US and UK are on holiday so it is expected to be a quiet session.
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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