By Dan Bell
Markets have been more upbeat overnight expecting the Greece confidence vote to go through which will should see Greece agree to a range of austerity measures to receive further bailout funds.
The NZD/USD has traded an interbank range between 0.8080 and 0.8140 overnight as risk trades have been back in favour.
Global equity markets are up with the European bourses up 1.5-2% and in the US markets are up across the board with the Dow +0.91% and the S&P +1.34%
Commodity prices have had a positive night with the CRB Index up 0.64%.
The EUR/USD has continued to recover trading over 1.4400 while the AUD/USD has recovered from yesterdays lows around 1.05 to 1.06 this morning.
The NZD has been weaker against EUR in the low 0.5600’s and stronger against the AUD trading as high as 0.7699 and relatively unchanged against JPY and the GBP.
RBA Minutes yesterday were not as hawkish as the market was expecting and the AUD came under pressure but has recovered most of these losses overnight.
Today we have NZ Current Account numbers at 10:45am.
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here
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