The NZD/USD opens around 0.8180 this morning following another night of USD strength.
The AUD has been under heavier selling pressure which has seen NZD/AUD hit an interbank high of 0.9080 overnight. AU Q3 GDP disappointed yesterday at 2.3% vs. expectations of 2.6%.
US stocks are weaker overnight with the S&P 500 down 0.47%. The S&P 500 had gained 27% year to date at the beginning of December so not surprising to see a bit of a pull back. Investors are also wary of Fed tapering which could start as soon as the next FOMC meeting on the 17-18th December.
The NZD opens at current indicative mid rates: 0.9072 AUD, 0.6023 EUR, 0.4997 GBP, 83.60 JPY, 0.8749 CAD.
Not much to report on the local front today. Tonight the ECB and BoE announce interest rate policy.
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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