
The US unemployment claims are announced on Thursday at 15:30 MT time.
Will the RBNZ support the kiwi?
The New Zealand interest rate is announced on Wednesday at 03:00 MT time.
Instruments to trade: NZD/USD, AUD/NZD, NZD/CHF, EUR/NZD
The interest rate in New Zealand was reduced to 0.25% in March in response to the virus and has been kept steady at this level since then. As the second wave of the virus hit the country and the rest of the world, some restrictions had to be imposed once again. That affects the consumer and business activity in view of the cloudy recovery. While the quantitative easing measures have been undertaken previously, the Bank’s board doesn’t rule out a further reduction in the interest rate as the outlook is gloomier than expected and the Bank is running out of instruments to stimulate the economy. That’s why the announcement coming this week is pretty crucial in understanding the course of the RBNZ and the near-term economic future of New Zealand. Positive tones will boost the NZD while a dovish stance will press it to the downside.
The US unemployment claims are announced on Thursday at 15:30 MT time.
The Canadian monthly GDP is announced on Wednesday at 15:30 MT time.
UK Preliminary Quarterly GDP is out on Thursday at 09:00 MT time.
The giant chip maker exceeded analysts’ expectations. Even with a global GPU shortage!
OPEC will hold a meeting on March 4, where it should announce its decision on further oil output.
The risk-on is back on the market as investors focus on the projections for a stronger-than-expected economic rebound and the Fed’s pledge to prolong support for the rest of the year.
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