2021-08-18 • Updated
The Reserve Bank of New Zealand surprised the markets again by refraining from raising interest rates a day after the country announced a nationwide lockdown due to multiple covid19 cases in the country. The lockdown should last for three days only, while some cities might last for seven days, which might be an understandable decision by RBNZ.
The kiwi declined sharply after the announcement all the way to 0.6870’s but managed to recover, trading around 0.6950 by the time of writing this note. Such rally comes after the RBNZ kept the door open for tightening soon.
The statement says: ”The Committee agreed that their least regrets policy stance is to further reduce monetary policy stimulus to reduce the risk that inflation expectations become unanchored. However, in light of the current Level 4 lockdown and health uncertainty the Committee agreed to leave the OCR unchanged at this meeting”
In the meantime, with tightening and tapering are still on the table despite the lockdown, NZDUSD remains a good candidate for another long position despite the recent decline and covid19 outbreak.
NZDUSD is trading within a buying zone stands between above the 61.8% Fibo which stands at 0.6876, while stops should not exceed today’s low, with a possibility to regain above 0.70 in the coming days.
Brent crude futures is maintaining stability this Friday, with traders awaiting an OPEC+ meeting that might lead to further supply cuts. Brent crude was down 8 cents at $81.34 a barrel, following a 0.7% drop in the previous session.
China has issued new oil product export quotas to allow oil companies to send surplus barrels overseas, particularly Sinopec, which has the highest volume among quota holders. While the exact quota volume remains undisclosed, oil companies are forecasted to export approximately 3.5 million metric tons of clean oil products in September, a 10% increase from August.
Thanks to the incredible advancements in horizontal drilling and fracking technology, the United States has experienced a mind-blowing shale revolution. They've become the heavyweight champion of crude oil production, leaving Saudi Arabia and Russia in the dust. They even turned the tables and became net exporters of refined petroleum products in 2011.
The energy industry has undergone several major changes in the XXI that are becoming increasingly apparent…
In the dynamic world of financial trading, understanding the nuanced relationship between the Federal Reserve's key interest rates and Bitcoin can be a game-changer…
As the US Non-Farm Payrolls (NFP) take center stage, this month's data gains special attention, particularly after the unemployment rate took a concerning turn in the previous month. The US ADP Employment Change reveals a significant decline, with the economy adding 298K new jobs...
FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.
Your request is accepted.
A manager will call you shortly.
Next callback request for this phone number
will be available in
If you have an urgent issue please contact us via
Live chat
Internal error. Please try again later
Don’t waste your time – keep track of how NFP affects the US dollar and profit!
|
