The NZDUSD opens at 0.8280 this morning.
The NZD underperformed overnight, and even a surprise 50 cent payout upgrade from Fonterra could only provide fleeting support. The NZDAUD was under particular selling pressure yesterday – there was talk of a large offshore seller.
The EURUSD slipped, undermined by comments from European Central Bank officials which stated they are ready to do more to support the euro-zones fragile economic recovery.
US Case Schiller housing index rose 12.4% year on year – the largest advance since February 2006. However, US Consumer Confidence fell.
Global equity markets were mixed on the day – Dow -0.4%, Nikkei +0.1%, Shanghai 1.2%, FTSE +0.2%, DAX +0.3%
The Gold Price rose marginally to USD$1321 an ounce. Oil rose 0.6% and base metal prices were lower on the day.
The NZD opens at 0.8280 USD, 0.8815 AUD, 0.8530 CAD, 0.6145 EUR, 0.5175 GBP, & 81.75 JPY.
NZ Trade Balance will be released at 10:45am today.
US Durable Goods & New Home Sales data hit the tapes tonight.
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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