As expected, the NZD has been belted on the open this morning, as currency markets react to the weekend’s “dirty pipe’’ news.
The NZD/USD has opened around 1.2 cents lower than Friday’s (0.7840) close. An even heavier toll has been taken on NZD/AUD, with some positive Chinese data over the weekend buoying the AUD. The cross has opened around 0.8660, down from 0.8800 on Friday and the midweek highs above 0.8900.
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BNZ