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Abstract:The New Zealand central bank maintain its benchmark interest rate at 5.50% as expected during its previous meeting. While there was no surprise of the central bank paused rates, the less hawkish tone was a surprise as 23% of the market surveyed by Reuters predicted an interest rate hike. In February, the rate of consumer price growth in the United States picked up pace with the reading came in at 3.2%, surpassing expectations of 3.1% for underlying inflation.
Title:
The Week Ahead: Week of 8thApril(GMT+2)
Rate Rumble: RBNZ, BoC, and ECB Take Centre Stage
Wednesday, 10thApril2024, 04:00
RBNZ Interest Rate Decision
The New Zealand central bank maintain its benchmark interest rate at 5.50% as expected during its previous meeting. While there was no surprise of the central bank paused rates, the less hawkish tone was a surprise as 23% of the market surveyed by Reuters predicted an interest rate hike. RBNZ Governor Orr has been resisting expectations for rate cuts and has affirmed that the possibility of rate hikes remains under consideration. However, during the previous meeting, Orr stated that there was a unanimous agreement that the current official cash rate is adequate. With that, the central bank is widely expected to maintain the current rate in the foreseeable future.
Wednesday, 10thApril2024, 14:30
US CPI (YoY) (Mar)
In February, the rate of consumer price growth in the United States picked up pace with the reading came in at 3.2%, surpassing expectations of 3.1% for underlying inflation. The data suggests persistent inflationary pressures that have complicated the timing of any potential interest rate cuts by the Federal Reserve this year. With the sticky inflation persist, the path to Feds 2% target could be longer with the economic growth remain too strong, therefore upcoming data release is expected to continue reflect the economic strength.
Wednesday, 10thApril2024, 15:45
BoC Interest Rate Decision
In March, BoC maintained the interest rate at 5.0 per cent for the fifth consecutive time, with Governor Tiff Macklem stating that it was premature to consider a reduction. In February, Canada's inflation rate decelerated to 2.8 per cent. Economists forecast that Canadians may gradually witness interest rate reductions beginning with the Bank of Canada's interest rate announcement on 5th June or later in the year, therefore the upcoming decision is unlikely to bring any unexpected developments.
Wednesday,10thApril2024, 20:00
FOMC Meeting Minutes
During the February meeting, the Federal Reserve displayed caution regarding the prospect of rapidly reducing interest rates. The meeting minutes suggested that they were not in a rush to decrease borrowing costs. Fed officials emphasized the need for further evidence before considering a shift in policy towards easing, while also indicating that the likelihood of rate hikes in the future was minimal. Given the continued strength of the U.S. economy, it is expected that the Fed will maintain a similar tone in the upcoming minutes.
Thursday,11thApril2024, 14:15
ECB Interest Rate Decision (Apr)
The European Central Bank (ECB) opted to keep its benchmark interest rates unchanged at 4.50% during its March meeting as widely anticipated by market observers. However, eurozone inflation decreased more than economists had expected, slowly reinforcing the anticipation of monetary policy easing by the ECB in the coming months. Some ECB members suggested that the central bank might commence rate cuts as early as June, but they remain attentive to the Federal Reserve's actions. Consequently, the market anticipates that interest rates will remain unchanged until then.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
EUR/USD is mixed to bearish, influenced by resistance levels and upcoming data. GBP/USD is bullish with the pound at four-month highs on positive UK data and hawkish BoE comments. EUR/GBP remains volatile, reflecting diverging economic conditions in the Eurozone and the UK.
European trading is subdued due to the U.S. holiday, with the euro benefiting from weak U.S. data. The pound rises ahead of the UK election, supported by market sentiment. ECB President Christine Lagarde's comments on interest rates support the euro. Overall, mixed sentiment prevails with cautious trading expected. Key economic events include Eurozone retail sales, Germany's industrial production, and UK services PMI.
In March, Canada's consumer price index increased by 0.6% compared to the previous month, surpassing the 0.3% growth seen earlier. In April, the Reserve Bank of New Zealand opted to maintain its official cash rate at 5.5 percent for the sixth consecutive meeting, emphasizing the ongoing need to address inflation fully. In March, the UK Consumer Price Index registered a slower-than-anticipated increase, reaching 3.2% in annual terms, down from the 3.4% rise observed in February. In March, UK...
APAC traders look to close the week out on a bright note following Wall Street rebound. RBNZ rate hike bets continue to strengthen as economy recovers from Covid lockdowns. And, NZD/USD clings to 100-day Simple Moving Average (SMA) after overnight drop.