Daily Morning Report 26.05.2015

The New Zealand dollar gained slightly on Tuesday in Asia after solid trade figures as investors look ahead to more on Greece’s debt woes. NZD/USD traded at 0.7310, up 0.01%, while EUR/USD changed hands at 1.0970, down 0.07%. New Zealand’s trade balance rose NZ$123 million on April month-on-month, for an overall year-on-year deficit of NZ$2.62 billion. In Japan, the corporate services price index rose 0.7% in April, better than the gain of 0.6% expected year-on-year. USD/JPY traded at 121.61, up 0.04%, after the data. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.22% to 96.46. Overnight, the dollar remained broadly higher against a basket of other major currencies on Monday, as investors noted recent U.S. data showing that consumer prices rose for a third straight month in April and comments last week by Federal Reserve Chair Janet Yellen continued to support. Trading volumes were thin with markets in the U.K., Germany and the U.S. closed for holidays. The euro weakened as the prospect of a Greek default continued to weigh. On Sunday Greece’s Interior Minister Nikos Voutsis warned that the country would be unable to make a €305 million payment to the International Monetary Fund due on June 5 if a cash-for-reforms deal with its international lenders is not reached by then.