Roger J Kerr has two good reasons as to why the FX markets, in buying up the USD, have misread the Fed. He also sees the Aussie dollar pulling back, but retaining its yield advantage

Tensions turn up in Persian Gulf; China industry profits rise; EU inflation expectations ease; BIS worried; US trade deficit swells; Aussie housing market cools; UST 10yr at 4.37%; gold up and oil firmish; NZ$1 = 56.4 USc; TWI-5 = 60.3

Pablo Hernández de Cos of the Bank for International Settlements argues policy discipline is needed to tackle economic pressure points

The choice at this year's election is 'between building our future here - or watching it built somewhere else,' Labour's Chris Hipkins says