The NZDUSD opens lower at 0.8240 this morning, just above a 1-week low.
The NZD was under some selling pressure yesterday. News Fonterra is being sued by French food group Danone, coupled with aweak AUD - despite encouraging Aussie retail sales and building approvals data - caused the NZD to slip to 1-week lows.
The European Central Bank left their main interest rate at a record low of 0.25%, however hinted at downside risks to its current inflation view. The EURUSD fell in response which also did the NZD no favours.
Apart from the release of Chinese trade balance, tentatively scheduled for this afternoon, all eyes will be firmly focused on tonights influential US non-farm payroll employment figures. Strong numbers would likely strengthen the USD and place downwards pressure on the NZDUSD.
Global equity markets were lower on the day - Dow -0.2%, Nikkei -1.5%, Shanghai -0.9%, FTSE -0.5%, DAX -0.8%
The Gold Price rose a touch to USD$1228 an ounce. Oil prices fell 0.2%.
The NZD opens at 0.8240 USD, 0.9275 AUD, 0.8955 CAD, 0.6065 EUR, 0.5005 GBP, & 86.30 JPY.
There is no data schedule today on the domestic calendar.
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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