Here's a special holiday update of some key events and data you may want to know about today.
First up, in the US ports there are reporting a strong rise in trade. The California ports of Los Angeles and Long Beach, each said they imported a combined a +26% increase over the same month last year and a +13% rise from February. Together, these are the largest seaport system in the country and focus on the China trade.
However, American retail sales fell for a second straight month in March and consumer prices dropped for the first time in just over a year. You have to wonder if the Americans are picking up the effect of the online shift in their retail sales - or whether the stall is more to do with evaporating margins from traditional retailers, rather than a volume fall. But with their labour market near full employment, these weak reports failed to change views that the Federal Reserve will raise interest rates again in June. Economists expect a rebound in both retail sales and monthly inflation.
In New York, the UST 10yr yield is sharply lower today, now at 2.23%.
The US benchmark oil price is just marginally higher today and now just over US$53 a barrel, while the Brent benchmark is just under US$56. Most oil producers support an extension of output cuts by OPEC and non-OPEC countries, and Iran would also back such a move, Iranian Oil Minister Bijan Zanganeh was quoted as saying.
The gold price is unchanged at US$1,286/oz.
The New Zealand dollar is little changed and now at 70 USc. On the cross rates it holding at 92.3 AU¢, and 65.9 euro cents. The TWI-5 is now at 75.
The easiest place to stay up with event risk over the holiday period is by following our Economic Calendar here »
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