Another quiet session as the market gears up for event risk later on this week.
New Zealand Building Approvals surged by +16% to a 5 year high. This is one of the main worries that the RBNZ touched upon when they hinted that they might be forced to tighten their monetary policy. Japan's Household spending rose to -0.4%, which was lower than the +1.0% that economists were predicting but it was higher than prior month's reading of -1.6%. Industrial production in Japan fell to -3.3% which was lower than both the -1.8% forecast and last month's figure of +1.9%. Australia's Building approvals posted an unexpectedly poor reading of -6.9% -vs- estimates of +2.2%, a number that in many ways is symptomatic of the issues plaguing their economy.