Here's my summary of the key news over the weekend in 90 seconds at 9 am, including news that all eyes will be on the US Non-farm Payrolls report this week.
But first, data for US durable goods orders came in much better for June on Friday, US time, than markets were expecting. They were up +0.7% compared with a -1.0% fall the previous month. Unfilled orders reached an all-time record of US$1.1 trillion.
It's a week that will end with some important announcements.
Firstly, the US Fed meets this week. On Thursday they will almost certainly reduce their asset purchases by another $10 bln to $25 bln-a-month, on the way to a complete end in October.
And they will probably note the recent strengthening of the US labour markets which in turn will get markets believing that interest rates will in fact start to rise in 2015. We will get a good indication of which way the US labour markets are tracking with release of the July Non-farm Payrolls report at the end of the week.
Argentina is in its last week to pay its hold-out bondholders or it will default. It has the funds, but outside of its country it can't pay without settling with those holders who did not agree to the haircut - 'vultures' it calls them. Prospects for the country look poor without it getting this issue behind it. But passions and national pride are at stake; who knows what they will decide by Friday.
Last Friday, UST 10yr yields slipped back to 2.47% at the end of trading as risk aversion grew on the worsening security conflicts around the world, including now in Libya again. Stocks fell in late trade in New York. The oil price fell on the US benchmark to under US$102/barrel but rose on the Brent benchmark to over US$108/barrel. Curiously, gold is lower again at US$1,295/oz.
We start the week with the NZ dollar lower again. We are now just under 85.4 USc, at 91.1 AUc. The TWI is at 79.8.
If you want to catch up with all the changes on Friday we have an update here.
The easiest place to stay up with today's event risk is by following our Economic Calendar here »
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