A relatively quiet start to the trading week as the market looks forward to guidance from central banks. The key focus will on the release of the minutes from RBA (tomorrow) and FOMC (Wednesday) followed by the annual Jackson Hole conference (Thursday & Friday). The Aussie is higher today as the market seems to be pricing in the view that the RBA is finished with their easing cycle for now. The FOMC minutes will once again be scrutinized for any clues about the tapering issue and the Jackson Hole conference could shed some insight about the next FED chairman. The economic data docket is fairly light with the main items being the Flash PMIs in the Eurozone and China. Existing and new home sales in the US are additional data points of interest.
New Zealand PPI Output rose to an annual rate of +1.0%, higher than both estimates of +0.7% and last month's reading of +0.8%. Japan's Trade Balance for July came out at -1024 Billion YEN which was higher than market expectations of -774 Billion YEN as the growth of imports [+19.6%] outdistanced the growth of exports[+12.2%].