The NZD/USD opens around 0.8510 after a quiet night across global markets.
The UK and Japan were on holiday overnight and no major news from the US to speak of.
US stocks have had a mixed session, with the S&P 500 up 0.19% while the Dow Jones Index is down 0.03%.
ECB President Draghi was in the media last night and elaborated on last week’s suggestion of taking EUR interest rates to negative -"The Governing Council has decided for the first time to look openly at the possibility of reducing the interest rate on the deposit facility to less than zero."
The EUR has suffered as result but is still holding above 1.30 against the USD.
The NZD opens at current indicative mid rates: 0.8300 AUD, 0.5474 GBP, 0.6508 EUR, 84.56 JPY and 0.8571 CAD.
On the domestic front we get NZ Labour Cost Index - not a market mover but worth a look.
From Australia we get Trade Balance numbers at 1:30pm. The focus today will on the RBA at 4:30pm NZT where the market is pricing in a 50% chance of a rate cut.
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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