The NZDUSD opens at 0.8385 this morning.
Russian President Putin ordered some troops in Russia back to their base, in what maybe an attempt to avoid further escalation in tensions. Putin also told a news conference that he saw no need to use military force in Ukraine's Crimea region for now. The NZDUSD spiked up near 0.8400, as the safe-haven appeal of the USD dimmed, in response.
The ruble and global equity markets responded positively to the Ukrainian developments. However, the situation remains fluid.
Prices dropped 4% at the latest Fonterra dairy auction, which follows a decline of 1.2% at the previous sale.
The Reserve Bank of Australia held interest rates steady at 2.50% at yesterday's rate setting meeting. The RBA described the AUD as "high by historical standards."
Spanish unemployment fell for the first time since 2007, in a sign one of the hardest hit European economies is starting to recover.
Global equity markets were mostly sharply higher on the day - Dow +1.4%, Nikkei +1.8%, Shanghai -0.3%, FTSE +1.7%, DAX +2.5%
Gold prices fell 1% to USD$1,336. Oil prices plunged 1.7%.
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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