New Zealand – Q2 Terms of Trade Index: +4.9% q/q (vs. +3.8% expected)

• Prior was +4.1%
• Seasonally adjusted export volumes -6.7% q/q

Later from NZ (At 0200GMT) we get the NZ Treasury monthly economic indicators publication.

The NZD gapped higher in the morning, responding to a better China PMI result released over the weekend and news that Obama asks Congress to approve military strike against Syria.