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The European Central Bank May meeting minutes were published on Thursday.

Justin had the news posted here:

• ECB accounts: A number of members initially expressed preference for 50 bps rate hike

You'll recall that the result of that meeting was a 25bp rate hike.

Reuters have popped up a recap of the minutes and its an interesting read.

As for dissent, says the report:

• Austria's Robert Holzmann held out for a bigger increase, according to sources close to the discussion.

                This article was written by Eamonn Sheridan at www.forexlive.com.

New Zealand Export prices -6.9% q/q

• expected -2.2%, prior -0.6%

Import prices -5.4% q/q

• expected -0.8%
  prior -2.1%

Putting those two together shows the terms of trade down 1.5% q/q

• expected flat at 0.0%, prior -6.3%

---

In brief:

• Terms of trade refer to the ratio between the prices of a country's exports and the prices of its imports. In other words, it's the relative value of a country's exports to its imports.
• When the terms of trade of a country are improving, it means that the prices of its exports are increasing faster than the prices of its imports. This can lead to an increase in the purchasing power of the country's exports, which can boost economic growth.
• On the other hand, if a country's terms of trade are deteriorating, it means that the prices of its imports are increasing faster than the prices of its exports. This can lead to a decrease in the purchasing power of the country's exports, which can negatively impact economic growth.

Dairy is a big New Zealand export

nzd

                This article was written by Eamonn Sheridan at www.forexlive.com.

The jobs report from the US is due at 1230 GMT / 0830 US Eastern time.

Previews:

• By the numbers: May non-farm payrolls preview -- 14 in a row?
• Non-farm payroll preview - Morgan Stanley looking for +170K, 3.4% jobless rate

Analysts at Bank of Montreal note that the report is important for the June (13 - 14) FOMC meeting:

• As newly nominated Vice-Chair Jefferson voiced his support for patience,
   but said a pause in June does not rule out future hikes, the market's
  sentiment has swung increasingly in favor of steady policy rates on June
   14th.
• The realities of data dependence means that what ultimately
  transpires will be a function of Friday's employment data, and CPI
  released on June 13th.
• With the odds of a 25 bp hike in just under two
  weeks down to 28%, NFP will be pivotal input for any incoming rhetoric
  before the pre-meeting radio silence period begins.

                This article was written by Eamonn Sheridan at www.forexlive.com.

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