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Daily Report: Kiwi Recovers after RBNZ Cut, Greece Passed Austerity MeasuresNew Zealand dollar recovers mildly today after RBNZ cut OCR by 25bps to 3.00%. Some analysts attributed the bounce to the perception that RBNZ wasn't as dovish as expected. A 25bps cut should be fully priced in by the markets and the decision somewhat disappointed Kiwi bears who speculated a 50bps cut. Nonetheless, the recovery is generally seen as temporary as RBNZ maintained easing bias. The central bank noted in the accompanying statement that the rate cut was "warranted by the softening in the economic outlook and low inflation." And, "at this point, some further easing seems likely." Regarding the exchange rate, RBNZ maintained that "while the currency depreciation will provide support to the export and import competing sectors, further depreciation is necessary given the weakness in export commodity prices." |
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| Featured Technical Report | |
AUD/USD Daily OutlookDaily Pivots: (S1) 0.7343; (P) 0.7391; (R1) 0.7421; More... Intraday bias in AUD/USD remains neutral for consolidations above 0.7326 temporary low. Another fall is still in favor with 0.7495 minor resistance holds. Below 0.7326 will extend the large down trend to 100% projection of 0.8161 to 0.7597 from 0.7848 at 0.7284. Though, break of 0.7495 will indicate short term bottoming and bring strong rebound back towards 0.7848 resistance. |
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