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Mornng Forex Report: Feb. 8
The New Zealand dollar visited lower levels because of the decision and unencouraging comments of the Reserve Bank of New Zealand. The bank held the interest rate unchanged at the level of 1.75%, that is a record low. Moreover, the Governor Grant Spencer announced a cut of the inflation forecast. He said that inflation will rise to 2% not in the middle of 2018 as seen before, but only in late 2020. Analysts have already reduced their estimates of a rate hike in November this year from 100% to 52%. According to the chart, the next support Kiwi can find at 0.7140.
The pound is little changed ahead of the Bank of England’s meeting. Although traders do not expect any changes in UK interest rates today, they anticipate hawkish comments from the bank Governor about the future hikes. Most of the experts expect at least 1 rate hike this year. GBP/USD is above this month’s low at 1.3830. The next support is at 1.3780 (H4).
USD/JPY rose on the comments of the Bank of Japan board member Mr. Suzuki. He said that the Bank of Japan will continue monetary easing now. So, the yen is losing its positions against the US dollar. All in all, the currency pair remains close to 109.50.
The Australian dollar is falling. As long as it stays above 0.7815, it has chances to rise.
EUR/USD is little changed in the 1.2250 area after yesterday’s decline. Traders closed their bullish positions for the euro, so the pair corrected down.
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