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RBNZ Fires Shot Across the Bow of Currency Bulls

FOREX

NZD is falling against all others, with NZD/USD breaking below the 50-dma at $0.6545 for the first time since mid-May on the surprisingly dovish RBNZ rate decision overnight. The RBNZ boosted its QE program while warning directly that the strong currency is crimping returns on commodities - justifying a leg lower in NZD/USD. First support rests at mid-July lows of $0.6503.

After the firm positive close yesterday, European equity markets are consolidating. US stock futures have recovered around 30 points off yesterday's lows with 3,379 the initial upside target ahead of the intraday record level of 3,397.50 printed back in February.

Recovering US stock futures are pressuring haven currencies again, with JPY edging lower against most others. USD/JPY sits at a new August high, just shy of 50-dma resistance at Y106.90.

US CPI data takes focus Wednesday, with inflation expected to rise 0.3% M/M and 0.7% Y/Y. The data follows yesterday's PPI report for the same month, which came in solidly above expectations. Speeches are also due from Fed's Rosengren, Kaplan and Daly.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities

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