The NZDUSD opens lower at 0.8305 this morning.
The NZD fell across the board overnight, after failing to breach short-term resistance at 0.8390, despite further disappointing US economic data.
The USD fell to 7-week lows against the EUR overnight. US homebuilder confidence plunged, New York Fed gauge of manufacturing printed weaker than forecast, and other data indicated overseas accounts sold more long-term US securities than they purchased.
The recent US data suggests the US economy is losing momentum, however uncertainty exists regarding the impact of the harsh winter many parts of the US have been enduring.
The JPY weakened yesterday after the Bank of Japan extended a special lending program to support their economy.
Global equity markets were mixed on the day - Dow -0.1%, Nikkei +3.1%, Shanghai -1.3%, FTSE +0.9%, DAX +0.0%
Gold prices fell USD$1323. Oil prices gained 0.6%.
The NZD opens at 0.8305 USD, 0.9195 AUD, 0.9095 CAD, 0.6040 EUR, 0.4980 GBP, & 85.00 JPY.
There is no data scheduled on the domestic calendar today.
UK Interest Rate decision and Unemployment figures hits the tapes this evening. This will be followed by US Building Permits & the Federal Reserve Interest Rate meeting Minutes to be released overnight and tomorrow morning respectively.
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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