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Analysts at Rabobank point out that today we see Eurozone M3 money supply, which back before central banks started QE used to be considered of interest by the more Germanic and Austrian among us (now it’s like a vestigial organ like an appendix: we don’t really know what it’s for).

Key Quotes

“We also get US advanced trade balance, where another big deficit will be recorded, raising trade tensions further, wholesale inventories, and durable goods, the usual multiple layers of numbers, where a headline -1.0% in expected but a core +0.5%.”

“We also hear from the BOE’s Carney and the BOC’s Poloz, as well as the ECB’s Praet (speaking to the Dutch parliament).”

“Overnight it’s also the RBNZ. No change is expected from that Bank, with 1.75% rates set to stay. Will they say anything of interest given the uncertain global backdrop, and will that hit NZD if so?”