The NZDUSD opens at 0.8465 this morning.
The EURUSD fell after some European Central Bank officials indicated the bank may still act to stimulate the EU economy if necessary. They implied the market overrated to the lack of ECB action at last weeks interest rate meeting.
The price of copper tumbled to 3-year low on Chinese demand concerns and liquidation of inventories used to finance deals after the recent Chinese corporate bond default.
This has weighted heavily on the AUD, with the AUDUSD breaking below the 0.9000 barrier.
The Ukraine crisis continues to chip away at market confidence and risk appetite - US equity markets are suffering and gold prices firmed as a consequence.
Despite the all the above, the NZD has stayed firm across the board as the specter of an RNBZ rate hike tomorrow looms large. A 0.25% rate increase has certainly been well and truly priced in.
Global equity markets were mixed on the day - Dow -0.4%, Nikkei +0.7%, Shanghai +0.5%, FTSE -0.1%, DAX +0.5%
Gold prices rose 0.6% to USD$1347. Oil prices dropped 1.4%.
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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