The NZDUSD opens at 0.8280 this morning.
The NZD gained, as the USD suffered, after data showed existing US home sales dropped to an 18-month low.
This is the latest US metric to indicate softness in the US economy; however this may be due to adverse weather as opposed to worsening fundamentals. The US Fed is highly likely to maintain a steady tapering of its bond-buying program, despite recent data.
A G20 meeting has been held in Sydney over the weekend. They pledged to raise global growth by 2% above current projections over the next 5 years through increased investment, greater employment and participation, stronger trade and competition. More cooperation was agreed to crack down on offshore tax evasion by multinationals.
Global equity markets were mixed on the day - Dow -0.2%, Nikkei +2.9%, Shanghai -1.1%, FTSE +0.4%, DAX +0.4%
Gold prices rose 0.6% to USD$1,325. Oil prices dropped 0.5%.
The NZD opens at 0.8280 USD, 0.9230 AUD, 0.9200 CAD, 0.6030 EUR, 0.4985 GBP, & 84.90 JPY.
NZ Credit Card Spending figures will be released at 3:00pm.
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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