The Kiwi has put in a mixed performance overnight as the USD was stronger against all the majors except the CAD.
Canada’s trend in housing starts was above the 200,000 unit mark for the eighth consecutive month.The trend in Canadian housing starts was 219,447 units in August 2017, compared to 217,339 units in July 2017.
A light data calendar to start the week sees Hurricane Irma grabbing the headlines. Hurricane Irma, which is the size or Texas of France (and France is twice the size of NZ), has set a record for the amount of cyclone energy generated in a single day and for maintaining wind speeds of 300km/hr for 37 straight hours. It is also the first time a category 4 or above Hurricane has made U.S landfall in the same year. Irma has more than 5 times as much energy as that of Hurricane Andrew, a category 5 storm that struck Florida in 1992.
Some estimates of the damage caused by Irma are at $172 billion in total U.S. damage not including the damage to Cuba and the Caribbean. Scientists have pointed to climate change as a warmer climate is likely to make hurricanes more intense, since warmer oceans lead to stronger storms and increase rainfall. U.S. economic growth is expected to slow briefly in Q3 because of Harvey and Irma, but should bounce back later this year and into 2018.
In July 2017 the seasonally adjusted Italian industrial production index increased by 0.1% compared with the previous month. The average of the last three months with respect to the previous three months was +1.4% and increased by 4.4% compared with July 2016.
Global equity markets are higher: Dow +1.17%, S&P500 +1.03%, FTSE +0.49%, DAX +1.39%, CAC +1.24%, Nikkei +1.41%, Shanghai +0.33%.
Gold prices have dropped $17 or 1.3% currently trading at $1,329 an ounce. WTI Crude Oil prices have rebounded 1.3% currently trading at $48.09 a barrel.
Current indicative rates:
NZDUSD 0.7244 -0.4%
NZDEUR 0.6056 0.1%
NZDGBP 0.5499 -0.4%
NZDJPY 79.24 0.4%
NZDAUD 0.9021 0.1%
NZDCAD 0.8774 -0.8%
GBPNZD 1.8177 0.4%
Upcoming Data releases (NZST):
- 11:30am – AUD – NAB Business Confidence
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