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24 Feb 2015
Asia Recap: Kiwi selling after downbeat RBNZ inflation expectations
FXStreet (Bali) - The USD strengthened across the board in Asia, with the trigger being a lower-than-expected RBNZ survey on inflation expectation, which set the stage for an algo-led NZD selling dragging the G10 FX complex lower with it.
NZD/USD was the largest mover in Asia, printing its lowest in 6 days at 0.7461 with virtually no bounce, after the The Reserve Bank of New Zealand (RBNZ) Survey of Expectations, a New Zealand-wide quarterly survey of business managers and professionals, saw the headline print at 1.8% for Q1 vs 2.1% in Q4 2014. The bear momentum intensified as details saw the one-year series down from 1.59 to 1.11% on a mean basis, with the median falling to 1.0%.
The market - read algos - perceived the data as heightened odds for potentially lower RBNZ interest rates going forward, even if a note from Westpac post data read that "despite low current inflation, the details of the survey don't suggest that respondents see a case for lower interest rates", adding that "on average, short-term interest rates are expected to be unchanged over the next year."
In other news related to the New Zealand Dollar, although failing to get any traction in prices, the New Zealand Institute of Economic Research (NZIER) shared their view on the Reserve Bank of New Zealand's interest rate outlook for 2015, noting that the Central Bank cannot justify any interest rate change in 2015, while adding that the RBNZ will use prudential tools to damp Auckland housing prices, Bloomberg reported.
AUD/USD traded lower in sync with the Kiwi, reaching a new low of 0.7762 before some bids emerged. USD/JPY traded with a bid tone throughout Asia, with its highest at 119.14 before a retracement seeking liquidity at 119.00 round number. EUR/USD remains confined in a slim range awaiting news from Greece on its reform measures. GBPUSD, after the stellar performance form Monday, is in consolidation mode above 1.5430 support, holding near its highs like a champ.
NZD/USD was the largest mover in Asia, printing its lowest in 6 days at 0.7461 with virtually no bounce, after the The Reserve Bank of New Zealand (RBNZ) Survey of Expectations, a New Zealand-wide quarterly survey of business managers and professionals, saw the headline print at 1.8% for Q1 vs 2.1% in Q4 2014. The bear momentum intensified as details saw the one-year series down from 1.59 to 1.11% on a mean basis, with the median falling to 1.0%.
The market - read algos - perceived the data as heightened odds for potentially lower RBNZ interest rates going forward, even if a note from Westpac post data read that "despite low current inflation, the details of the survey don't suggest that respondents see a case for lower interest rates", adding that "on average, short-term interest rates are expected to be unchanged over the next year."
In other news related to the New Zealand Dollar, although failing to get any traction in prices, the New Zealand Institute of Economic Research (NZIER) shared their view on the Reserve Bank of New Zealand's interest rate outlook for 2015, noting that the Central Bank cannot justify any interest rate change in 2015, while adding that the RBNZ will use prudential tools to damp Auckland housing prices, Bloomberg reported.
AUD/USD traded lower in sync with the Kiwi, reaching a new low of 0.7762 before some bids emerged. USD/JPY traded with a bid tone throughout Asia, with its highest at 119.14 before a retracement seeking liquidity at 119.00 round number. EUR/USD remains confined in a slim range awaiting news from Greece on its reform measures. GBPUSD, after the stellar performance form Monday, is in consolidation mode above 1.5430 support, holding near its highs like a champ.