By Dan Bell
The NZD/USD opens at 0.8165 this morning after relatively subdued Monday.
Disappointing global equities earnings and outlook news have caused an uptick in risk aversion, which has nudged the NZD/USD lower.
The EUR/USD rallied as regional elections proved positive for the ruling party – it may now have the political capital to make a formal appeal for a bailout.
Upcoming US presidential election and the looming ‘fiscal cliff’ of budget cuts and tax hikes may start to switch the attention away from Europe and towards the US in the coming weeks.
Oil fell 0.7%, Copper lost 0.6% - hitting a 10-month low, while Gold bounced back from yesterday’s losses to close at USD$1727.
Global equity markets were fell overnight night. The US indices lost circa 0.5%, while the European markets fell by similar percentages.
The NZD opens at 0.8165 USD, 0.7920 AUD, 0.6255 EUR, 0.5100 GBP, & 65.25 JPY.
There is no data scheduled on the domestic calendar today. The RBNZ Cash Rate decision hit the tapes on Thursday – the cash rate will remain at 2.50%.
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here
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