The NZDUSD opens at 0.8285 this morning.
The USD fell across the board on the prospect of a shutdown of US government operations this week, the threat of a US debt default in mid-October, and the probability of continued very stimulatory monetary policy from the US Federal Reserve.
The US government is gearing up for a possible partial shutdown on 1 October as Congress struggles to pass an emergency spending bill necessary to maintain normal government operations.
The US Treasury Secretary has warned of a possible US debt default if the debt ceiling limit if not raised by 17th October.
Global equity markets were mostly lower on the day – Dow -0.5%, Nikkei -0.3%, Shanghai +0.4%, FTSE -0.8%, DAX 0.0%
The Gold Price rose 1% to USD$1335 an ounce. Oil fell 0.5% and base metal prices increased on the day.
The NZD opens at 0.8285 USD, 0.8885 AUD, 0.8540 CAD, 0.6140 EUR, 0.5135 GBP, & 81.15 JPY.
NZ Building Consents numbers will be released at 10:45am, followed by ANZ Business Confidence at 2:00pm today.
Chinese HSBC Final Manufacturing PMI figures will hit the tapes at 2:45pm.
The Reserve Bank of Australia Cash Rate decision will be released Tuesday, and US non-farm payroll employment numbers are scheduled for Friday evening.
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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