The NZDUSD opens at 0.8105 this morning.
Global equities, and emerging markets remain pressured, with risk aversion heightened.
There are increasing concerns about the risk of deflation in Europe, while Chinese New Year celebrations result in their markets being closed this week.
The NZDUSD managed to bounce off 4.5 months lows of 0.8065, as exporters take advantage of there recent price drop. While the NZDAUD, which had been a way-one street higher, hovers near 3-weeks lows of 0.9240 as positioning finally weighed on the currency pair.
It is a big week for data - NZ employment numbers, Reserve Bank of Australia interest rate decision, and the all-important US non-farm payroll employment numbers.
Global equity markets were lower across the board on the day - Dow -0.9%, Nikkei -0.5%, Shanghai -1.1%, FTSE -0.4%, DAX -0.7%
The Gold Price fell 0.2% to USD$1,244 an ounce. Oil prices dropped 1.0%.
The NZD opens at 0.8105 USD, 0.9240 AUD, 0.9010 CAD, 0.6010 EUR, 0.4935 GBP, & 82.65JPY.
There is no data scheduled on the domestic calendar today.
Building Approvals & ANZ Jobs Ads from Australia and Non-manufacturing PMI data from China will be released this afternoon.
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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