NZDUSD 0.6692 1.1% NZDEUR 0.5681 0.3% NZDGBP 0.5042 0.2% NZDJPY 75.24 1.3% NZDAUD 0.9179 0.8% NZDCAD 0.8638 1.0% GBPNZD 1.9833 -0.2%
Stocks out of the US are faring better than the USD, with both the Dow and S&P hitting new record highs. Risk on sentiment is prevailing, which has seen the NZD continue its climb off the lows. NZ GDP came in yesterday at 1% q/q, beating expectations of 0.8% and giving the Kiwi some wings. The market reacted very positively to the number, which was somewhat surprising giving that a strong number had been relatively telegraphed. If you compare it to the RBNZs internal GDP forecast of 0.5% though, and the heavy short position in the NZD, then it makes more sense. UK Retails sales came in positive beating the -0.2% expectations at 0.3%. While very positive, this is a volatile data set, and is quite common for the number to hit and miss by what would normally be considered a large margin. No major data expected during the trading day, but from 19:15 to 20:00 NZT we have a slew of European PMI data. CAD CPI follows at 00:30 Global equity markets were higher, records for the S&P and Dow again- Dow +1.08%, S&P 500 +0.86%, FTSE +0.49%, DAX +0.88%, CAC +1.07%, Nikkei +0.01%, Shanghai -0.06%. Gold prices are pretty flat, up 0.2% to USD$1,211 an ounce, while WTI Crude Oil prices have dropped off, down 0.5% to US$70.80 per barrel.Upcoming Data releases (NZST): - 19:15-20:00 French, German, Flash PMI - 00:30 CAD CPI m/m, Core Retail Sales
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