The NZD/USD opens around 0.8380 this morning after a relatively quiet night across global markets.
The NZD has been one of the strongest currencies over the last 24 hours after better than expected employment data yesterday.
We open at current levels: 0.8798 AUD, 0.6197 EUR, 0.5210 GBP, 82.67 JPY, 0.8733 CAD.
The market is now pricing in at least 100 basis points of rate hikes next year. While most other central banks continue to maintain a dovish stance on monetary policy the RBNZ is expected to start hiking rates aggressively from June.
US stocks are trading in positive territory with the S&P 500 up 0.35%. Commodities are mostly firmer with oil up 1.59% and gold up 0.67%.
Not much to report in NZ today. The focus in Australia will be on employment numbers at 1:30pm NZT. Tonight we get the ECB and BoE announcing monetary policy and US GDP.
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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