The NZD/USD opens around 0.7740 this morning after hitting a fresh 12 month low under 0.77 overnight.
Global stock markets have struggled as investors continue to factor in the impact of QE ‘tapering’ later this year.
The S&P 500 is down 1.2%. China’s benchmark stock index lost 5.3% yesterday with concerns of a credit crunch weighing on investor sentiment.
US 10 year treasury yields hit a 2 year high over 2.6% overnight. Since May, 10 year yields have gone up over 100 basis points!
The NZD opens at current indicative levels: 0.59 EUR, 0.5020 GBP, 0.8375 AUD, 75.74 JPY, 0.8134 CAD.
Nothing to report on the domestic front today. Tonight the focus will be on US Core Durable Goods Orders.
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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