Today is a day of average volatility, but very unexpectedly so. In the morning investors were surprised by positive macroeconomic reports from New Zealand and Australia. As it became known, the situation on the labor market in New Zealand has significantly improved, and this happened despite a decrease in business activity and other unfavorable factors. Unemployment in the second quarter fell to the lowest level in 11 years - 3.9%, contrary to all forecasts. At the same time, the employment rate changed by 0.8%, exceeding the forecast more than twice. On the eve of the RBNZ meeting, investors were almost sure that the regulator would reduce the rate by 25 pips, but given the positive dynamics, it is likely that it can postpone the rate reduction.
Macroeconomic reports in Australia were also positive, but more predictable. The surplus of the trade balance increased by 25%, exceeding forecasts, and at the end of the meeting of the RBA it was decided to leave the rate at the 1% level.
News from the EU was also positive, strengthening the value of the Euro. As it became known, the volume of industrial orders in Germany increased in June by 2.5%, while the forecasted growth was only 0.5%, compared to the previous period.
The afternoon is expected to be quieter. Only data on the number of open vacancies in the US and data on weekly oil reserves is expected.
