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Forex Flash: Antipodean currencies eye global events – BNZ

According to the BNZ Research Team, “For Wednesdays dairy auction, we favor another increase in price (especially with the recently dry weather hurting production in many parts of the country). It certainly looks as though Fonterra needs to witness higher prices if it’s to bump up its forecast payout any.”

As for the global news to watch this week there’s so much of it on show it’s difficult to know where to start. Amongst other things there is: Friday’s US payrolls; the ECB and BOE policy announcements of Thursday; the Bank of Japan’s policy meeting, also on Thursday, which will be parsed for any follow-through on Japan’s recent charge down the road of mega stimulus.

In addition, investors have plenty of Australian news to digest through this week. While the market has backed off the idea of another rate cut as soon as tomorrow’s meeting of the RBA, its commentary will be used for gauging the chances of further easing down the track. The Australian data event will no doubt be Wednesday’s Q4 GDP. Watch for last minute fine-tuning as the GDP partials of today/tomorrow come to light. As things stand, the gap between the market’s pick of 0.6%, and National Australia Bank’s 0.3%, is not that large, numerically, but could appear the difference between a chugging versus slowing economy.

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