By Dan Bell
The NZD/USD opens higher at 0.8220 this morning, having ranged 0.8197 to 0.8227 overnight.
The New York financial markets re-opened overnight in the wake of Superstorm Sandy. Activity was muted and the markets were confined to narrow ranges.
The EUR/USD edged higher on the day, and higher for the 3rd consecutive month.
Yesterday’s Building Consents leapt by 7.8% - NZD moved a touch higher in response.
No new news from Spain and Greece. The EU unemployment rate rose 0.1% to 11.6%, while German Retail Sales were surprisingly strong at 1.5% higher compare with the previous months data.
US equity markets closed the day little changed. UK & European equity markets fell between 0.3% & 1.2% on the day.
Gold prices climbed 0.7% to USD$1721 an ounce, Oil prices fell 0.5% while Copper bounced to USD$7,759 a tonne, but was loss around 5% on the month. Other commodities prices were generally higher.
The NZD opens at 0.8220 USD, 0.7920 AUD, 0.6340 EUR, 0.5095 GBP, & 65.60 JPY.
No domestic data scheduled today.
The main focus for the remainder of the week is Friday evenings US non-farm payroll employment numbers.
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here
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