Markets were calm during the night due to the holiday markets of Japan and some others. The main movement was on the NZD, which fell by about 1% against the USD after the publication of GDP data for the second quarter. The data were below expectations, showing an increase by only 0.2% for the quarter. Approximately three quarters of growth with the announcement of Fed had won back again, dropping a pair to 0.73 from 0.74 at the end of the trading session on Wednesday. The concern is that growth will be even more depressed in the current quarter because of the recent earthquake, but the impact is unlikely to be significant.
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