NZD: The Kiwi recovered after a dovish OCR announcement and continued upwards in the London session reaching a high of 0.7287. The Kiwi then tailed off in the New York session retreating back to 0.7210 with the Dow dropping 30 points over uncertainty of the economy. NZ Building consent data out at 10:45am.

AUD: The Australian dollar pared yesterday’s decline as Australian Treasurer Wayne Swan talked down the recent disappointing inflation report. This helped the Aussie climb back up to 0.9041, however like the Kiwi tailed off in the New York session. Private Sector Credit due out at 1300 NZT.

EUR: After a lacklustre performance yesterday, the Euro broke previous resistance at 1.3030 and rallied to 1.3104 its highest level since May 10th. This was on the back of the 16 member Euro area economic confidence exceeded forecasts and the German unemployment rate fell to its lowest level since November 2008.

GBP: The Pound gained some ground against the USD after the Sydney session up 60 points at one stage on the back of reports the UK may see inflation remain above the central bank’s target rate longer than expected. However sellers in the market brought the pound down in the US session however has recovered slightly as the Dow tailed off. Look out for GfK Consumer Confidence at 1100 NZT.