
Happy Friday, traders! Are you ready to trade at the end of the week? Here’s what you need to know before you start:
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.
Happy Friday, traders! Are you ready to trade at the end of the week? Here’s what you need to know before you start:
Have a look at the key financial instruments on Monday, February 28. Geopolitics is currently on all news frontlines. Western nations escalated sanctions on Russia for the invasion of Ukraine.
The Reserve Bank of New Zealand will reveal the official cash rate, monetary policy statement, make a rate statement, and after that will answer questions in a press conference on February 23, 03:00 GMT+2.
This week may be the most important since the year started as the Fed assess the economic outlook and the US presents fresh NFP readings.
S&P Global, a private banking company, will release a monthly change in British Flash Manufacturing Purchasing Managers Index (PMI) on January 24, 11:30 GMT+2. The index is a leading indicator of economic health as businesses react quickly to market conditions, and purchasing managers hold the most current and relevant insight into the company's view of the economy.
The United States Bureau of Labor Statistics will publish the US Consumer Price Index (CPI) m/m on January 12 at 15:30 GMT+2. The index measures a change in the price of goods and services purchased by consumers.
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