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Yesterday’s surprising cut from the the RBNZ is likely to have long ranging consequences as the yield on the kiwi continues to compress. The move by the monetary authorities clearly shows concern over the future demand from China and the New Zealand central bankers are trying to get ahead of the curve by easing conditions for businesses as year proceeds.
On the other hand Canadian central bankers remain non plussed about the slowdown in the Great White North and are likely to keep monetary policy in neutral for the foreseeable future. Despite the collapse in oil prices the Canadian economy appears to be weathering the storm.
Tomorrow’s Canadian employment data should give the market a good reading of the conditions on the ground with consensus looking for 10K jump from -5.7K decline the month prior. If the data proves on target it should provide further boost for the loonie and will push NZDCAD back towards the 8800 figure.