Here's my summary of the key events overnight that affect New Zealand, with news of commodity prices really under the gun.
But first, in the US data released overnight showed their saving rate rose to 4.8% in June from 4.6% in May. This rise was because consumer spending in June was held back by slower car buying. But with car sales sharply higher in July, consumer spending likely got a boost last month. Spending is supported by rising incomes as their labour markets continue to expand and house prices rise, boosting household wealth. The PCE data is something the US Fed says it watches closely.
In New York, the UST 10yr yield benchmark is sharply lower yet again at 2.16%. Local swap rates will also open lower today as well.
The US oil price is also a lot lower at US$45/barrel, and Brent crude is at US$49/barrel, the first time under US$50 since January. Basically there is a supply glut.
The gold price has also taken a hit today and is now at US$1,086/oz.
But the New Zealand dollar starts today pretty much unchanged at 65.9 US¢, at 90.8 AU¢, and at 60.2 euro cents. The TWI-5 is at 70.9.
Look out later today for July QV data, and possibly the Barfoot Auckland data as well. We will also get the Reserve Bank of Australia's latest rate review late this afternoon.
And then, this time tomorrow we will be reporting on the latest dairy auction - followed on Friday by Fonterra's payout price review. It might be a tough week.
If you want to catch up with all the local changes yesterday, we have an update here.
The easiest place to stay up with event risk today is by following our Economic Calendar here »