Yesterday was quiet in terms of global data, with only the New Zealand Trade balance worthy of note. This data was positive and saw the New Zealand dollar gain ground against sterling. The Swedish krona traded lower the whole day and finished around 0.8% down by the end of the trading session.
Today sees inflation data out of Japan, along with statistics on retail sales and unemployment. The Bank of Japan Governor Haruhiko Kuroda said earlier this month that they need to see all the data required in order to decide if the inflation target is threatened or not, which could lead to more monetary easing. Therefore, any statements made following the data releases today will be followed closely.
Additionally, we will have interest rate decisions, to be published in both South Africa and Norway. Even though growth decreased slightly during the first quarter of the year in Norway, consensus seems to lie with an unchanged interest rate today, as inflation is likely to remain close to their central bank’s target of 2.5%.
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