Nothing has changed in the eurozone. will continue. Euro will continue weakening.
We had poor Milk sales again that lead to a correction in this pair. We are using this opportunity to get short.
New Zealand Q4 GDP
q/q, +0.8% vs expected +0.8%
y/y, +3.5% vs expected +3.4%.
Data continues to be inline or beating expectations.
1) Wheeler stated there is no reason they would be following Australia or Canada and cut rates.
2) RBNZ - still expansionary
3) Wheeler is happy where NZD dollar VS US dollar
4) RBNZ rates on hold.
Reuters survey now:
10 of 13 economists see no Reserve Bank of New Zealand rate move before Q1 2016
11 of 13 economists see RBNZ's next move to be a rate rise, two see cuts from mid-2015
RBNZ seen raising official cash rate to 3.75 pct in june 2016, 4.00 pct by sept 2016