The NZD is leading the pack to the upside and the EUR is the underperformer as US traders get to their desks.

For the EUR, the downside does not have any specific catalyst. However, it could be due to USD strength as well as some possible pre-positioning ahead of today’s ECB decision.

For the NZD, the strength looks like a continuation from yesterday’s post-RBNZ upside we saw in the currency.

With PPI coming up a bit later, we need to watch the antipodeans closely though. Yesterday’s beat in CPI saw pressure in the high beta currencies, and solid upside surprise in PPI could spoil their fun today as well.

This article was written by Arno V Venter at www.forexlive.com.