IronFX Daily Commentary by Charalambos Pissouros | 09/02/2017
February 9, 2017 9:36 am
RBNZ retains easing bias, smacks down the Kiwi • RBNZ remained on hold as exp. Surprisingly, the Bank retained its easing bias (despite the material improvement in domestic data). • “Uncertainties persist, particularly in the international outlook, and policy may need to adjust”. • Also reiterated that a decline in NZD is needed. Possibly due to the easing bias, NZD collapsed. • Despite these dovish signals, we don’t expect them to actually ease policy in the future. • As such, although NZD may correct lower in the next days, the currency’s broader outlook remains cautiously positive in our view.
Today’s highlights: • Germany: Trade balance for Dec. though this is usually not a major market mover. • Norway: GDP growth for Q4 is exp. to have risen, a rebound from prev. NOK-positive. • US: Initial jobless claims for the week ended 3rd of Feb. • Speakers: BoE Governor Mark Carney, RBA Governor Philip Lowe, St. Louis Fed President James Bullard and Chicago Fed President Charles Evans.
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RBNZ retains easing bias, smacks down the Kiwi
• RBNZ remained on hold as exp. Surprisingly, the Bank retained its easing bias (despite the material improvement in domestic data).
• “Uncertainties persist, particularly in the international outlook, and policy may need to adjust”.
• Also reiterated that a decline in NZD is needed. Possibly due to the easing bias, NZD collapsed.
• Despite these dovish signals, we don’t expect them to actually ease policy in the future.
• As such, although NZD may correct lower in the next days, the currency’s broader outlook remains cautiously positive in our view.
Today’s highlights:
• Germany: Trade balance for Dec. though this is usually not a major market mover.
• Norway: GDP growth for Q4 is exp. to have risen, a rebound from prev. NOK-positive.
• US: Initial jobless claims for the week ended 3rd of Feb.
• Speakers: BoE Governor Mark Carney, RBA Governor Philip Lowe, St. Louis Fed President James Bullard and Chicago Fed President Charles Evans.
Join us for more technical and fundamental analysis: http://www.ironfx.com
To get the latest Forex trading news you should:
• Download the IronFX Research app: http://goo.gl/jhQIxO
• Like us on Facebook: https://www.facebook.com/IronFX
• Follow us on Instagram: https://www.instagram.com/ironfx
• Follow us on LinkedIn: https://goo.gl/wSEbPN
• Follow us on Twitter: https://twitter.com/IronFXGlobal
• Circle us on Google+: https://www.google.com/+Ironfxglobal
• Subscribe to our Channel: http://bit.ly/1foFmCU
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