IronFX Daily Commentary by Charalambos Pissouros

RBNZ is likely to remain on hold
• The RBNZ is exp. to remain on hold and signal a strong easing bias.
• It’s a close call, but we believe that the Bank will wait at least until the August meeting to cut rates further.
• As there are some expectations for a rate cut at this meeting, NZD/USD could gain on a decision to remain on hold.

Today:
• UK: Industrial output for Apr. is exp. to have remained flat. GBP is less sensitive to new data recently, and more sensitive to fresh polls. Thus, any market reaction may remain limited.
• US: JOLTS job openings for Apr. Usually not a major market mover.
• Canada: Housing starts for May and building permits for Apr.

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