The NZDUSD opens at 0.7900 this morning.
It was a relatively quiet night on the markets, with the NZDUSD confined to 0.7851 to 0.7905 range.
The JPY fell, and NZDJPY moved to 1-week high of 79.45, as the markets speculated Japan’s upper house elections on Sunday would strengthen Prime Minister Shinzo Abe’s position and his stimulus plans.
The NZD continued to outperform the AUD, with the NZDAUD hitting a 0.8625 high.
US Fed chairman Ben Bernanke continued his testimony overnight. He reaffirmed that the Fed is likely to reduce its massive USD$85 billion bond buying program later in 2013, and stop it completely by mid-2014.
US Unemployment Claims & the Philly Fed Manufacturing Index were both better than expected overnight.
Global equity markets closed higher on the day, with the UK & EU bourse up 1%, and Japan’s Nikkei gaining 1.3%.
The Gold Price rose 0.5% to USD$1283 an ounce. Oil jumped 1.4% while base metals prices were generally marginally higher.
The NZD opens at 0.7900 USD, 0.8610 AUD, 0.6025 EUR, 0.5190GBP, & 79.35 JPY.
NZ Visitor hit the tapes at 10:45am, followed by Credit Card Spending figures at 3.00pm – neither will have much market impact.
G20 meeting will be held over the weekend.
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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