In overnight Asia trading, the New Zealand Wespac Consumer Confidence Survey came in worse than expected at 102.7 (Expected: 107.1). Both the New Zealand and Australian Dollars have been on the back foot since the beginning of the trading week. NZD/USD currently hovers precariously only 25 pips above the major .7000 level which it could test multiple times before the week is concluded.
During the US session, the economic calendar is relatively light. At 8:30am EST, we have the Building Permits release which should give us an indication if indeed a housing slump is on the way in the US. US Dollar strength ran into a bit of a wall in overnight Asia trading and the London and US sessions will illuminate if indeed an appetite for risk has returned to the markets.