Here's my summary of the key issues from overnight that affect New Zealand, with news of a growing fall overnight in the value of the Kiwi dollar.
But first, in the US there has been another major survey of consumer confidence and that reports surprisingly positive results. That report was for June. But an April report of house prices showed house price gains moderating although still quite high. But American factories aren't showing some of the gains that we saw a year ago.
However, the US Fed is seeing signs of growing wage growth pressure which is a signal that will be important to them.
In Europe, the Greek government has made a last-minute proposal for a new €29 bln bail-out deal from the eurozone, just hours before it must repay €1.6 bln to the International Monetary Fund. But the Euro-group have apparently rebuffed the move as grandstanding. Early polls suggest Greeks will vote on Sunday to stay in the euro-zone.
In Australia, new home sales have recorded their first monthly fall for 2015, with a drop in sales of -2.3% in May. The month's negative result comes after a run of four monthly rises.
Back in New York, the UST 10yr benchmark yield has fallen again but by only a small shift and is now at 2.32%. But credit spreads have narrowed in trading today signaling markets have absorbed the initial Greek punch.
US oil markets are slightly higher with the US benchmark price now just under US$60/barrel, and Brent crude just under US$64/barrel.
The gold price has fallen and is back at US$1,171/oz.
The Kiwi dollar starts today noticeably lower. It is currently at 67.7 US¢, a whole 1c lower than this time yesterday and in fact a five year low, at 87.9 AU¢ which an even larger drop, and 60.8 euro cents. The TWI-5 is now at 71.4 and the lowest it has been in three years. Falls of this magnitude will be inflationary, starting at the petrol pump.
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 »
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