Kiwi Dives after RBNZ Hold, Dollar Staging a Comeback
| Action Insight Daily Report 2-28-24 |
Kiwi Dives after RBNZ Hold, Dollar Staging a Comeback |
New Zealand Dollar fell significantly in today's Asian session, establishing itself as the day's most underperforming currency at this point. The decline was sparked by RBNZ's decision to maintain interest rate at 5.50%, a move that dashed the hopes of a small segment of the market that had anticipated a rate hike. Momentum of the selloff gained further strength following comments from RBNZ Governor Adrian Orr during the post-meeting press conference. Orr pointed out that a rate hike was discussed, the committee reached a "strong consensus" on the current level of interest rates being sufficiently restrictive. This stance was bolstered by more optimistic economic data observed since November, which gave the committee additional confidence in the economic and inflation outlook.... |
AUD/USD Daily Report Daily Pivots: (S1) 0.6527; (P) 0.6542; (R1) 0.6560; More... AUD/USD's break of 0.6520 minor support suggests that corrective rebound from 0.6442 haws completed at 0.6594 already, after rejection by 55 D EMA. Intraday bias is back on the downside for retesting 0.6442 low first. Firm break there will resume whole decline from 0.6870, and target 61.8% projection of 0.6870 to 0.6442 from 0.6594 at 0.6329 next. For now, risk will stay on the downside as long as 0.6594 resistance holds, in case of recovery. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 00:30 | AUD | Monthly CPI Y/Y Jan | 3.40% | 3.60% | 3.40% | | 00:30 | AUD | Construction Work Done Q4 | 0.70% | 0.80% | 1.30% | | 01:00 | NZD | RBNZ Interest Rate Decision | 5.50% | 5.50% | 5.50% | | 09:00 | CHF | Credit Suisse Economic Expectations Feb | -19.5 | | 10:00 | EUR | Eurozone Economic Sentiment Indicator Feb | 96.6 | 96.2 | | 10:00 | EUR | Eurozone Industrial Confidence Feb | -9.2 | -9.4 | | 10:00 | EUR | Eurozone Services Sentiment Feb | 9 | 8.8 | | 10:00 | EUR | Eurozone Consumer Confidence Feb F | -15.5 | -15.5 | | 13:30 | CAD | Current Account Q4 | -1.9B | -3.22B | | 13:30 | USD | GDP Annualized Q4 P | 3.30% | 3.30% | | 13:30 | USD | GDP Price Index Q4 P | 1.50% | 1.50% | | 13:30 | USD | Goods Trade Balance (USD) Jan P | -88.1B | -87.9B | | 13:30 | USD | Wholesale Inventories Jan P | 0.20% | 0.40% | | 15:30 | USD | Crude Oil Inventories | 3.1M | 3.5M |
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