The NZD/USD opens at 0.7980 this morning, having traded below 0.7950 last night.
The FOMC this morning saw the USD sold initially and then slowly recover.
Key points were, ‘tapering’ amounts and timings will depend on upcoming data, the unemployment rate threshold for interest rate hikes revised to 6.5%, and inflation below 2% could pose economic risks.
The USD strengthened before the Fed on the back of better than expected data: GDP came in at 1.7% vs 1.1%, and the ADP Non-Farm Employment figure was +200K vs +179K expectation.
Stock markets currently: Dow Jones -0.14%, S&P -0.01%, FTSE +0.76%.
The NZD opens the crosses - 0.8880 AUD, 0.6005 EUR, 0.5245 GBP, 78.10 JPY, 0.8200 CAD.
Chinese Manufacturing numbers today at 1.00pm.
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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