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As expected, the Reserve Bank of New Zealand cut its official rate by 0.25%, but more tellingly, predicted a deeper easing cycle, taking a more dovish tilt.
- The Reserve Bank of New Zealand held a policy meeting a few hours ago. As was widely expected, the Bank cut its Official Rate by 0.25% to 3.25%. What was less expected and will be more notable, was the Bank pointing to the effect of Trump's tariffs and suggesting that its coming rate cuts will be deeper and more prolonged, in an attempt to stave off recession. The New Zealand Dollar did not weaken as might be expected, but instead has gained ground against other currencies since the data release.
- Australian CPI data was announced earlier today which showed annualized inflation unexpectedly holding up at 2.4% annualized. The consensus forecast was for a tick lower to 2.3%. The Australian Dollar has reacted by losing ground, which doesn't make much logical sense.
- Later today we will get the Fed's release of its most recent FOMC meeting minutes.
- Bitcoin remains in focus after reaching a new record high last week at $112,00. Trend and momentum traders may be interested in getting long here. As well as spot Bitcoin, there are also Bitcoin micro futures available, and several Bitcoin ETFs so trading or investing in Bitcoin is very accessible today. The price is still consolidating between $107,500 and $110,500, so a breakout beyond the higher value might be a new long trade entry signal..
- In the Forex market the strongest major currency since the Tokyo open has been the New Zealand Dollar, while the Australian Dollar has been the weakest. The US Dollar has gained a little ground so far today after yesterday's firm rise.
- Stock markets are mixed. The German DAX Index made another record high yesterday and seems to be on track to make another one today, so if you want to trade stocks, Germany might be a useful market today. The market will be getting a boost from President Trump's postponement of the 50% tariff on EU imports until 9th July. Major US equity indices have traded a little lower so far today in off-hours futures trading.
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