The Reserve Bank of New Zealand held its official cash rate at 5.50%, suggesting the rate cuts will come later than expected or may even be increased earlier, causing the NZD to gain value.
➡️ The Reserve Bank of New Zealand decided to keep its official cash rate at 5.50% as expected. However, there was an aggressive surprise on monetary policy as the Bank suggested that cuts will start later than currently expected and that the next move could even be a rate hike.
➡️ The main stock market indices are rising again to reach new all-time highs, particularly in the United States where the NASDAQ 100 index, the S&P 500 index and the Dow Jones 30 index they have all hit new highs over the past day. Trend traders will look to place Long trades here, although they note that the bullish momentum It doesn't seem very strong.
➡️ The markets await the publication of the FOMC meeting minutes later, since the last FOMC meeting.
➡️ Yesterday's publication of the data CPI Canadians was as expected, with a month-over-month increase down from 0.6% to 0.5%. The median CPI was slightly lower than expected, resulting in a small accommodative surprise.
➡️ Precious metals fell from recent new highs, with the past day seeing a decline in gold but an increase in silver . However, trend traders they will still look to get involved on the Long side, probably on both metals.
➡️ The industrial metal Copper also fell after hitting a new all-time high a couple of days ago, and trend traders will remain interested here too. If copper futures are too big for you, or your broker doesn't offer a copper CFD, there is a copper ETF called Copper.
➡️ UK Consumer Price Index (inflation) data will be released today. The annualized rate is expected to decline from 3.2% to 2.1%.
➡️ In the Forex market , since the opening of Tokyo, the strongest major currency is the New Zealand dollar, while the euro is the weakest. Goldman Sachs expects renewed US dollar strength due to an emerging divergence on monetary policy between the Fed and the central banks of other major global currencies.
➡️ Japan's 10-year government bond yield rose to 1%, another new 11-year high.
➡️ Yesterday the Governor of the Bank of England stated that he believes that the Bank's next move on rates will be a cut.
Credit by DailyForex.com
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