This week is going to be interesting for traders as some high-impact events will happen!
Should we expect more easing by the RBNZ?
The Reserve Bank of New Zealand (RBNZ) will publish the monetary policy statement and announce the interest rate at 05:00 MT time on May 13.
Instruments to trade: NZD/USD, NZD/CHF, NZD/JPY
Each quarter, the regulator conducts a meeting where its policymakers discuss current economic stance and forecasts for upcoming quarters. Based on that they reveal tools for supporting an economy of the country in the monetary policy statement, including an update on the interest rate. In the middle of March, the RBNZ cut its interest rate to the record low of 0.25%. Analysts suggest that the global uncertainties and widespread weakness amid the pandemic may push the bank to cut the interest rates to negative levels. Also, we may expect more easing to be introduced this week.
• If the RBNZ eases its policy, the NZD will weaken;
• If the RBNZ keeps the policy unchanged, the NZD will strengthen.
Quadruple witching is gone and now there are no reasons for the market to hinder. From banks statements and economic data to gas storage reading and Fed’s Powell speech – get ready for active trading.
The United States will release MoM Retail Sales data on September 16, 15:30 GMT+3.
Last week was full of surprises! Stock indices have shown significant growth…
The US dollar is heading to close the seventh day in the red as it remains under selling pressure. The US data at 15:30 GMT+3 (jobless claims and Philly Fed Manufacturing Index) may support the greenback if it's strong.
Canada will publish the Retail Sales and Core Retail Sales on October 22, at 15:30 MT time (GMT+3).