It has been a hectic start to the week, with stockmarkets falling sharply (ahead of a late bounce) on Monday as a technology selloff, led by reports of a Facebook data breach pushed the main indices down by around 1.7%. In the currency markets, Sterling shone, on news that EU and UK has finally agreed on the Brexit transition deal – although Ireland remains an issue. The Euro followed Sterling higher, albeit to a lesser degree, while the commodity bloc currencies remain under some pressure on the back of the ongoing fears of a trade war. The metals are slightly higher, care of the slightly weaker US$, while WTI is also firmer.
Tuesday will get under way with the NZD Westpac Consumer Survey (Q1), the Australian House Price Index (Q4), the RBA Minutes and a speech from the RBA’s Debelle. The focus in Europe will be on the February UK CPI (exp 2.5%yy, Core 2.8%yy) and on the German/EU ZEW Economic Sentiment Survey. There is little data out of the US today although Kiwi traders should note that the Global Dairy Trade Index will be released, as will the weekly API Crude Oil Stock Inventory figures.
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