The NZDUSD opens at 0.7060 (mid-rate) this morning.
The Kiwi opens higher against all its major competitors in what was a relatively quiet night in the markets with Bank
Holidays in the U.S., China and the U.K
European Central Bank President Mario Draghi spoke overnight. “Euro zone growth may be improving but inflation remains
subdued and still requires substantial stimulus” hence tempering expectations for the bank's June 8 policy meeting.
With euro zone growth on its best run since the bloc's crisis a decade ago, pressure from more conservative countries
has been mounting on Draghi to start planning an exit from its policy of aggressive bond purchases and sub-zero rates,
setting up June as a potentially key meeting.
Still, with wage growth remaining subdued and underlying inflation weak, Draghi argued that the extraordinary monetary
policy support was still needed to raise inflation back to the bank's 2 percent target.
Monetary developments in the Euro area were released overnight for April 2017. The annual growth rate of the broad
monetary aggregate M3 decreased to 4.9% in April 2017, from 5.3% in March, averaging 5.0% in the three months up to
April.
The annual growth rate of the narrower aggregate M1, which includes currency in circulation and overnight deposits,
stood at 9.2% in April, compared with 9.1% in March.
The annual growth rate of Private Loans (adjusted loans to households) stood at 2.4% in April, unchanged from the
previous month. The annual growth rate of adjusted loans to non-financial corporations stood at 2.4% in April, compared
with 2.3% in March.
Global equity markets are closed in the US, UK, Germany, France, Hong Kong, China, - last readings Dow -0.01 S 500 +0.03%, FTSE +0.40%, DAX +0.21%, CAC -0.08%, Nikkei -0.02% Shanghai +0.07%.
Gold prices are up $2 or 0.2% trading at $1,266 an ounce .WTI Crude Oil prices are up 0.4% to be trading at $50.00 a
barrel.
ends