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Tensions continue to rise over North Korea’s missile launch

  • USD - CB Consumer Confidence: 122.9
  • NZD - Building Consents m/m: -0.7%
  • JPY - Unemployment Rate: 2.8%

North Korea launched a missile over Japan yesterday, stating this was ‘the first step’ of military operations in the Pacific. The missile, which landed in the sea, actioned alerts in Japan’s northern Hokkaido island, instructing the public to take cover.  The launch is a direct response to the joint US-South Korea military drills currently taking place. Russia and China blame the US military action in the region for the increase of tensions. This first launch is said to be a ‘prelude’ to containing Guam.

Across the pond, Tropical Storm Harvey continues to soak the Texas Coast. The cost of destruction continues to rise by the day and is already estimated at over $42 billion. The storm is set to continue to other areas of Texas and Louisiana, with the death toll already at over 20. More than 13,000 people have been rescued in the affected areas. US President Trump has declared it a federal state emergency, releasing emergency government funding and other assistance to the area. 

  • NZD - RBNZ Gov Wheeler Speaks
  • USD - Prelim GDP q/q
  • USD - Crude Oil Inventories

Most of the news we have is coming from the U.S Today, we have US ADP Non-Farm Employment Change which will give an indication of the official result which is to be released on Friday. This is expected at 185. Later today, we also have the US preliminary GDP figure expected at 2.7%, which is slightly better than the 2.6%. Finally, we have the US Crude Oil Inventories data release.