By Dan Bell
Yesterday’s bout of risk aversion continued overnight, with NZDUSD extending its losses. Currently 0.8320.
US stock markets are currently in the red, the Dow currently down -0.64%, the S&P 500 -0.82%, and the Nasdaq -1.28%.
Eurozone consumer confidence and a range of European PMIs disappointed, adding to yesterday’s downbeat mood.
The UK’s recent woes were extended, as public sector net borrowing blew out to almost double the level of this time last year.
After being the weakest performing major currency this week, GBP has bounced back modestly overnight.
Markets are clearly still reeling from the FOMC minutes of yesterday morning, but with the end of the week and no major data looming beyond German GDP, we may see some consolidation as we await fresh directional cues next week.
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here
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