The NZD/USD opens around 0.7880 this morning- up over a cent from yesterday’s opening levels.
The NZD followed the AUD higher yesterday afternoon after RBA minutes reduced the odds of another rate cut in Australia in August.
Global markets have had a mixed night with the S&P 500 currently down 0.37%. European Stocks were also weaker down 0.7%. Commodities were mixed with gold prices up 0.55% while oil prices dropped 0.47%.
The NZD opens at current indicative levels: 0.8530 AUD, 0.5990 EUR, 0.52 GBP, 78.20 JPY, 0.8182 CAD.
Fonterra Global Dairy Trade auction result this morning saw average prices up 4.9% on previous fortnight and volumes holding up better than expected.
Not much to report on the domestic front today. The focus over next day or so will be Fed Chairman Ben Bernanke’s testimony to congress which begins at 2am this evening in the US.
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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