The NZD/USD sits only fractionally lower this morning, at0.8490, having touched intra-night around 0.8530. It was a relatively quiet start to the week, with only thindata-flow, and Australia observing the Queen’s Birthdayholiday.Yesterday morning’s NZ Q1 wholesale trade dataslipped a seasonally adjusted 0.4%.Technically speaking,it shaves 0.1% off our Q1 GDP growth estimate. Butwe’ve left it at 1.2% for now, as we await today’s NZmanufacturing report (10.45am NZT).This may well fill theslight ’hole’ left by yesterday’s data.
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