The EUR saw pressure overnight as concerns over Greece and its ability to repay creditors begin to mount amidst inability to restructure the debt. On the positive side for the EUR, Mario Draghi, the president of the ECB, was rather optimistic over the recovery of the EU at large but was quick to add that expansive monetary policy was here to stay for a while.

Looking ahead, we have key releases out of the USA, Canada and New Zealand as follows:

Out of Canada, we see the release of the RMPI m/m which measures the change in the price of raw materials purchased by manufacturers and is a leading indicator of consumer inflation. An increase in raw materials in the manufacturing process implies higher prices which are usually passed on to consumers thus pushing up prices in the economy. Therefore, a higher than expected release will see the CAD strengthen on expectations of higher inflation and vice versa should the figure come in lower than expected.

Out of the USA, we have the release of the Personal Spending m/m figure, expected at 0.4%. the figure represents the change in the inflation adjusted value of all expenditures by consumers and is regarded as significant in that it accounts for a majority of the overall economic activity in the country. A better than expected release will imply growth and thus bode well for the USD, while a worse than expected release will see the USD sold off as trader’s price in a slowdown in economic activity.

Finally, we have the release of the Reserve Bank of New Zealand’s Financial Stability Report, which will provide valuable insight into the banks views of inflation, growth and other economic conditions that will affect interest rates and thus the value of the NZD in the future. A more optimist report will see the NZD strengthen , while a more pessimistically toned report will see the NZD sold off.