Long-term situation in the market supports NZD shorts. The RBNZ monetary policy meeting on Wednesday (27 Jan) is important to define the near-term destimy of the currency. The Q4 CPI came in much weaker than expected. Quarterly CPI fell by 0.5% (-0.2% expected), with annual CPI being 0.1%, which is far lower than the central bank’s forecast of 0.4% and well below the RBNZ’s 1-3% inflation target.
Slowing global growth and a further drop in oil prices hints that the Bank will maintain its easing …
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