Global equity markets surged at the open of the new week, with strong GDP and Industrial Production data coming out of China and a coalition Government announced in Japan. The Bank of China left rates unchanged, while other markets await inflation data. The EUR traded around 1.1650, while the GBP drifted back to 1.3400.NZ inflation data is rare and when it does arrive, quarterly, it is meaningful. NZ CPI jumped to 3%, from 2.7% Y/Y, at the top end of the RBNZ range. This was a warning sign and not unexpected, following the string of rates cuts, the RBNZ have been effecting. The NZD climbed to 0.5750, while the AUD regained 0.5700.
