The NZDUSD opens higher at 0.8465 this morning.
The NZD grinded higher yesterday, despite a steady USD, tumbling Chinese exports and its first domestic corporate bond default, and no resolution insight to the Ukrainian crisis.
China's exports unexpectedly plunged 18% year-on-year in February - the Lunar New Year holidays were thought to explain at least part of the decline.
Tensions remain high over Ukraine and Brussels dealt a blow to two major Russian gas pipeline projects. The EU is likely to intensify efforts to reduce energy dependence on Russia. However, the EURUSD remained near a 2.5 year high.
The GBP weakened after a Bank of England policymaker said further gains in the pound would be unwelcome as it would make it more difficult to build an export-led recovery.
NZ's quarterly Manufacturing Sales data rose by 0.1% to 6.3% compared with the previous quarter.
RBNZ interest rate decision (0.25% hike expected) on Thursday continues to be the major domestic focus this week.
Global equity markets were lower across the board on the day - Dow -0.4%, Nikkei -1.0%, Shanghai -3.3%, FTSE -0.4%, DAX -0.9%
Gold prices are unchanged at USD$1339. Oil prices dropped 1.0%.
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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