$EURNZD using small correction to re-short for longer term.
Euro:
Nothing has changed in the eurozone. QE will continue. Euro will continue weakening.
NZD :
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.
RBNZ
1) Wheeler stated there is no reason they would be following Australia or Canada and cut rates.
2) RBNZ - Monetary policy 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
Nothing has changed in the eurozone. QE will continue. Euro will continue weakening.
NZD :
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.
RBNZ
1) Wheeler stated there is no reason they would be following Australia or Canada and cut rates.
2) RBNZ - Monetary policy 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