DailyFX.com -
Talking Points:
-
NZ Dollar falls as data drives rate cut bets, Yen gains as S&P 500 futures fall
-
Euro downturn may continue as soft inflation data beckons more ECB easing
-
Global stimulus expansion hopes may offer support to risk sentiment trends
The New Zealand Dollar underperformed to start the trading week after a string of disappointing data releases fueled RBNZ rate cut speculation. A measure of business confidence from ANZ Bank fell by the most since October. A separate report showed Building Permits fell 8.2 percent, making for the biggest drawdown since September 2014. The Kiwi fell alongside New Zealand bond yields, suggesting the soft results spurred easing bets. Meanwhile, the Yen is trading higher as S&P 500 futures open lower, hinting at a risk-off mood inspiring liquidation of carry trades funded in terms of the perennially low-yielding Japanese unit.
Looking ahead, the preliminary set of February’s Eurozone CPI figures is in focus. The core year-on-year inflation rate is expected to decline to 0.9 percent from the 1.0 percent recorded in January. Last week’s analogous report from Germany – the currency bloc’s largest economy – proved disappointing relative to consensus forecasts. A similar result on the region-wide metric may boost bets on ECB stimulus expansion at next month’s policy meeting, weighing on the Euro.The prospect of an increase in global accommodation my help risk appetite however,offering support to sentiment-linked FX including the Australian Dollar.
What are DailyFX analysts' top trade ideas for 2016? Find out here!
Asia Session
| GMT | CCY | EVENT | ACT | EXP | PREV |
| 21:30 | NZD | ANZ Activity Outlook (FEB) | 25.5 | - | 34.4 |
| 21:30 | NZD | ANZ Business Confidence (FEB) | 7.1 | - | 23.0 |
| 21:45 | NZD | Building Permits (MoM) (JAN) | -8.2% | - | 2.3% |
| 23:50 | JPY | Industrial Production (MoM) (JAN P) | 3.7% | 3.2% | -1.7% |
| 23:50 | JPY | Industrial Production (YoY) (JAN P) | -3.8% | -3.8% | -1.9% |
| 23:50 | JPY | Retail Trade (YoY) (JAN) | -0.1% | 0.1% | -1.1% |
| 23:50 | JPY | Retail Sales (MoM) (JAN) | -1.1% | 0.1% | -0.3% |
| 23:50 | JPY | Dept. Store, Supermarket Sales (JAN) | 1.0% | -0.2% | 0.0% |
| 00:00 | AUD | Melbourne Institute Inflation (MoM) (FEB) | -0.2% | - | 0.4% |
| 00:00 | AUD | Melbourne Institute Inflation (YoY) (FEB) | 2.1% | - | 2.3% |
| 00:01 | GBP | Lloyds Business Barometer (FEB) | 28 | - | 45 |
| 00:30 | AUD | Inventories SA (QoQ) (4Q) | -0.4% | 0.1% | 0.0% |
| 00:30 | AUD | Company Operating Profit (QoQ) (4Q) | -2.8% | -1.8% | 1.4% |
| 00:30 | AUD | Private Sector Credit (MoM) (JAN) | 0.5% | 0.5% | 0.5% |
| 00:30 | AUD | Private Sector Credit (YoY) (JAN) | 6.5% | 6.5% | 6.6% |
| 02:00 | NZD | Money Supply M3 (YoY) (JAN) | 7.6% | - | 8.1% |
| 04:00 | JPY | Vehicle Production (YoY) (JAN) | -5.8% | - | -2.3% |
| 05:00 | JPY | Housing Starts (YoY) (JAN) | 0.2% | -0.3% | -1.3% |
| 05:00 | JPY | Annualized Housing Starts (JAN) | 0.873M | 0.870M | 0.860M |
| 05:00 | JPY | Construction Orders (YoY) (JAN) | -13.8% | - | 14.8% |
European Session