
The British monthly GDP is announced on Friday at 09:00 MT time.
The RBNZ will make the monetary policy statement on August 12 at 5:00 MT time!
Instruments to trade: NZD/USD, NZD/CHF, NZD/JPY
This statement is really important to follow as it will define the future NZD movement. Let’s have a quick look at the background. The Reserve Bank of New Zealand set the cash rate at a record low of 0.25% on June 24. Also it imposed its large scale asset purchase (LSAP) program at 60 billion New Zealand dollars. Officials assured that they would use all the needed tools to support economy further in such unstable times. The recent data showed that the labor market started recovering: New Zealand’s unemployment rate rose less than analysts expected. It turned out 4.0%, while the forecast was 5.6%. It might be a signal for the government to ease its policy. Moreover, authorities may be interested in lower NZD as now it’s really expensive for other countries to buy goods in New Zealand.
The British monthly GDP is announced on Friday at 09:00 MT time.
The main market tendency today is that the US dollar is rising against its major peers and riskier assets such as stocks and oil are plummeting.
The US unemployment claims are out on Thursday at 15:30 MT time.
The European Central Bank will publish the monetary policy statement with the interest rate decision on January 21, at 14:45 MT time.
Joe Biden is going to unveil a Covid-19 relief package of about $2 trillion. After this announcement, the 10-year Treasury yield rose, adding support for the USD.
The US dollar’s weakness offered a boost to emerging-market currencies and oil.
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