RBNZ rate cut expected ‘next few months'
As expected, the Reserve Bank of New Zealand (RBNZ) kept its cash rate on hold at 2.5% today, with Gov. Wheeler noting that market sentiment has improved, that the risks to the global outlook have become more balanced, that a strong NZD undermines the fundamentals of the NZ’s economy, which, he says, is expected to continue growing at a modest pace.
Daniel Martin, economist at Capital Economics (Asia) notes: “Recent data suggest that GDP stabilised or even picked up slightly in Q3, after a slowdown in Q2. However, we expect subdued global growth and currency strength to prompt the RBNZ into a rate cut over the next few months.”
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UPCOMING EVENTS :
2012-10-25 08:30 GMT | United Kingdom. Gross Domestic Product
2012-10-25 12:30 GMT | United States. Durable Goods Orders
2012-10-25 21:00 GMT | New Zealand. Trade Balance
2012-10-25 23:30 GMT | Japan. National Consumer Price Index
FOREX NEWS :
2012-10-25 05:29 GMT | EUR/USD stops come first, technicals later
2012-10-25 04:41 GMT | GBP/USD in tight range ahead of UK GDP data
2012-10-25 03:28 GMT | AUD/JPY retesting 83.00 range resistance
2012-10-25 01:32 GMT | AUD/USD slowly inching higher; key Fibo nearby
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EURUSD : 1.29861 / 1.29864
DAILY WEEKLY MONTHLY
1.3029 | 1.3013 | 1.2997
1.2977 | 1.2961 | 1.2945
SUMMARY : Down
TREND : Upward penetration
MA10 : Bullish
MA20 : Bullish
STOCHASTIC : Neutral
MARKET ANALYSIS - Intraday Analysis
Technical Summary: EURUSD stabilized on the positive side today and attempt to reach yesterday high. If it fails to overcome it we expect further market decline as main scenario for today. Main scenario: Risk of further market weakening is seen below the next support level at 1.2977 (S1). Break here is required to expose next targets at 1.2961 (S2) and 1.2945 (S3). Alternative scenario: In case of market appreciation above the next resistance at 1.2997 (R1), we suggest next target at 1.3013 (R2) and any further rise would then be targeting 1.3029 (R3).
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GBPUSD : 1.60472 / 1.60479
DAILY WEEKLY MONTHLY
1.6095 | 1.6081 | 1.6067
1.6048 | 1.6033 | 1.6019
SUMMARY : Up
TREND : Up trend
MA10 : Bullish
MA20 : Bullish
STOCHASTIC : Overbought
MARKET ANALYSIS - Intraday Analysis
Technical Summary: GBPUSD gained momentum on the positive side and currently trades on its high. We expect further price appreciation later on today towards to our resistance levels. Main scenario: Our next resistance level is placed at 1.6067(R1). Clearance here would suggest next targets at 1.6081(R2) and 1.6095 (R3). Alternative scenario: Fall below the support level at 1.6048 (S1) would provide us with a signal of further downtrend formation. We expect next targets at 1.6033 (S2) and 1.6019 (S3) in such scenario.
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USDJPY : 80.054 / 80.058
DAILY WEEKLY MONTHLY
80.50 : 80.34 : 80.17
79.95 : 79.79 : 79.63
SUMMARY | Up
TREND | Up trend
MA10 | Bullish
MA20 | Bullish
STOCHASTIC | Overbought
MARKET ANALYSIS - Intraday Analysis
Technical Summary: Instrument has settled correction on the hourly timeframe and currently trades under the bullish pressure. Further rise is likely scenario for today. Main scenario: We expect attack to the next resistance level at 80.17 (R1). Clearance here is required for the instrument strengthening towards to our next targets at 80.34 (R2) and 80.50 (R3) in potential. Alternative scenario: The downside trend evolvement is limited by next support level 79.95 (S1), break here might lead to the targets execution at 79.79 (S2) and 79.63 (S3).
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