Australia NAB Business Confidence 4.0, Previous: 0.0
New Zealand FinMin English: New Zealand Still On Track For Solid, Moderate Growth — BBG
New Zealand FinMin English: Fall In Dairy Prices Will Curb Economic Growth — BBG
Asia shares slip on lackluster data, dollar strong – RTRS
The Reserve Bank of New Zealand cut interest rates by 25 bps overnight, to 3.00 %. The market was expecting a more dovish RBNZ and some even saw good chances of a 50 bps rate cut, hence the short squeeze in NZD/USD. The pair rallied from 0.6570 ahead of the announcement to a high of 0.6650 just moments later. However, it ran once again into decent selling interest there and retraced the move back into the lower 0.66s. In AUD/NZD, stops below 1.1150 got triggered and pushed the pair eventually to a low of 1.11. Key support eyed at 1.10.
Trading in the other major currency pairs was rather quiet. EUR, CHF, GBP and AUD are slightly up against the Dollar, while CAD and JPY fell overnight.