The Opening Bell: Where currencies start for Tuesday, June 11, 2013

The Opening Bell: Where currencies start for Tuesday, June 11, 2013

By Dan Bell

NZDUSD starts the day a little higher, currently 0.7895, after largely corrective moves in most of the majors overnight.

The biggest news overnight came in the form of S&P upgrading the US credit outlook from ‘negative’ to ‘stable’.

The ratings agency cited a now less than one in three chance of a ratings downgrade, as they acknowledged a general reduction in US debt levels.

Stock markets were broadly lower on the day, save for the Nikkei, up nearly 5% yesterday on upward revision to Japanese first quarter growth.

Highlights in our region today will be Australia’s NAB Business Confidence at 1330, as well as the Bank of Japan’s interest rate decision and accompanying statement at 1500.

Current mid rates:

NZDUSD 0.7895

NZDGBP 0.5070

NZDEUR 0.5960

NZDJPY 77.90

NZDAUD 0.8350

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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »

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