In the FX space, the kiwi is the main mover so far today after the RBNZ policy decision. NZD/USD is weighed down by nearly 1%, as the dollar is also keeping steadier across the board. The greenback is just a tough higher on the day thus far but the ranges are still mostly contained for the most part.
As the kiwi is dragged lower, the aussie is also following suit with AUD/USD down 0.4% to 0.6515. That also comes after a slightly softer inflation data here earlier in the day. But as Eamonn mentioned, this is just the monthly data and we’ll have to wait on the quarterly numbers for a more accurate summary on the inflation outlook.
Looking at broader markets, stocks are continuing to hold on to the gains from last week with very little directional movement so far. Meanwhile, the bond market remains in a rather pensive mood as outlined here. That is keeping traders on edge as we await any potential month-end complications. In that lieu, here are some related stories:
As for data releases today, there won’t be much in Europe once again to really shake things up. As such, we might be in for a quieter one before getting to US trading and the London fix.
0900 GMT – Switzerland UBS February investor confidence
1000 GMT – Eurozone February final consumer confidence
1000 GMT – Eurozone February economic, industrial, services confidence
1200 GMT – US MBA mortgage applications w.e. 23 February
That’s all for the session ahead. I wish you all the best of days to come and good luck with your trading! Stay safe out there.