Feb 7 – Global Markets on Correction, While Investors Awaits RBNZ
Arslan Butt • 2 min read
Howdy traders. The global stock markets finally made some bullish moves to ease buyers in trade of the Gold. I hope you enjoyed our forex trading signals, yesterday it was 6 out of 6 in profit. The German index DAX was the most highlighted winning as the signal gave us more than 120 green pips. If you missed any signal, no worries, we will be sharing more trading signals to help you close your week in green.
Let’s check out the economic events that are worth to watch today.
Today’s Economic Events
Today is a second monetary policy day and the volatility is likely to remain thin before the news, but the medium impact economic events will be there to keep momentum in the market.
New Zealand Dollar – NZD
Official Cash Rate – At 20:00 (GMT), the Reserve Bank of New Zealand will release the Official Cash Rate. Just like RBA, the RBNZ is also expected to keep it on hold at 1.75%.
RBNZ Monetary Policy Statement – Beside Cash rate, the Rate Statement and RBNZ Monetary Policy Statement will be monitored. The RBNZ Press Conference is also due at 21:00, and I hope that RBNZ Governor Graeme Wheeler will speak up about his future policy actions.
What to Expect from RBNZ?
Well, the RBNZ isn’t expected to play with the interest rate, however, could toughen their voice on the exchange rate. The traders are likely to ignore such remarks if the central bank also heightens their forecasts on the economy as this would bring forward expectations on the timing of a rate hike.
I was looking at their economic data, the RBNZ is more likely to strike an upbeat tone.
US Dollar – USD
FOMC Member Williams is scheduled to speak at a community leaders luncheon, in Honolulu at 22:20 (GMT). We always can expect volatility when the audience questions expected.
Crude Oil Inventories – The Energy Information Administration will report the stockpile at 15:30 (GMT). Since it’s expected to be 3.2M vs. 6.8M in the previous week, the volatility will remain high.
Great Britain Pound – GBP
Halifax HPI m/m – Fellows, the figure is released by Halifax Bank of Scotland on the House Price Index. It’s a leading indicator of the housing industry’s health because rising house prices attract investors and spur industry activity. The data is due at 8:30 (GMT) with a positive forecast of 0.2% vs. -0.6%. It’s surely going to give some support to the Cable.
Summing up, the financial markets exhibit less trading volume on the back of low impact economic events. But, we will see some action during the US session today. So, it’s to save our shots for the right time. Personally, I will be looking to trade Crude Oil inventories and RBNZ today. Stay tuned and have a wonderful day!