Statements by Russian Foreign Minister Sergei Lavrov served to quell investor concerns somewhat indicting that Russia was not prepared to escalate the situation with Turkey.
Nonetheless, oil prices continued to rise in the Asian session as the Wednesday EIA data dump saw inventories climb at a smaller amount than last week and refinery capacity utilisation continue to tick up to 92%.
The DXY Dollar Index broke 100 for the first time since 16 March overnight, but there has been a pullback since. Most Asian currencies have gained against the USD during the Asian session, with the Japanese yen and the Kiwi dollar seeing the best gains out of the Asian G10s.
New Zealand’s October trade figures saw the trade balance shrink slightly more–than-expected. Despite the bounce back in dairy prices, dairy exports still declined sharply. On the positive side, meat and fruit exports continued to expand strongly. But there is unlikely to be a meaningful upturn in New Zealand’s external accounts until diary prices see a sustained uptick.
There wasn’t a huge move in the Kiwi dollar in the wake of the release, but the slightly better-than-expected numbers would’ve certainly helped the 0.7% strengthening against the Aussie dollar (alongside Australia’s poor capex numbers).