European FX Open - NZD steals the show

The S&P and NASDAQ futures are both in the reed at the time of writing after Nvidia Corp earnings failed to live up to investor hopes with its latest results overnight, delivering an underwhelming forecast and news of production snags with its much-awaited Blackwell chips.

The NZD though stole the FX show overnight, coinciding with the ANZ NZ business confidence survey surging to 50.6 in August (of respondents expect the economy to improve in the next year) and a 10 year high vs 27.1 the month previous. NZD/USD made a marginal new 2024 best of 0.6295 after.

To today and a far busier slate to contend with.

At the top of the hour, we get the Swedish run of Q2 GDP (-0.8% q/q forecast) and retail sales followed in an hour by confidence surveys.

Norway retail sales are also due at 6GMT, with German state CPIs running through the morning, with EMU confidence surveys also due.

In the second half comes the second release of US Q2 GDP (2.8%?) as well as initial claims (232k?) and pending home sales.

We also get the Canada C/A balance for Q2.

ECB's Lane is a scheduled speaker, while there are also eagerly awaited comments from SNB's Jordan due after hours.

Overnight, Fed's Bostic said it 'may be time' to cut rates but he’s still looking for additional data to support lowering interest next month. Bostic is scheduled to speak again tonight.

And, a latest Fox poll shows VP Harris leads Trump by one point in Arizona and by two points in Georgia and Nevada, while Trump is ahead by one point in North Carolina.

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