Main Points of the day

•     USD gains against almost all currencies we track

•      The ISM non-manufacturing index jumped to an eight-year high (58.7 vs 56.0)

•     NZD down on mixed employment data

•      Q2 unemployment rate fell to 5.6% from a revised 5.9%, but the employment change slowed to 0.4% from 0.9% and the participation rate declined to 68.9% from 69.2%

•      The results, were not seen as adequate to shift the Reserve Bank from its current pause in interest rates

•      Milk prices continue to fall

•      Nonetheless with trade surplus, NZD should remain attractive

•     Today:

•      Eurozone: German factory orders for June are expected to have risen, a turnaround from the previous month.

•      UK: Industrial production for June and manufacturing production for June are anticipated to have rebounded on a mom basis.

•      US: Trade balance for June and the weekly MBA mortgage applications