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Forex Today: NZD rallies hard on RBNZ news, a quiet session ahead

Dhwani Mehta FXStreet

The Kiwi was the big mover/ gainer in Asia, kicking-off the week on solid footing on the announcement of the new RBNZ Governor – Orr. Its OZ neighbor followed suit and gained 0.20% to trade near 0.7525 levels, having ignored poor Chinese CPI data. Meanwhile, both the EUR and GBP remained better bid amid NFP-led broad-based US dollar weakness. The Yen was on offers amid positive Asian equities, with moderate risk-on prevalent across the financial markets.

Main topics in Asia

CBOE Bitcoin futures launch this Sunday

The Bitcoin market is about to hit yet another milestone this Sunday when the CBOE launches the first Bitcoin futures contract.

Japan big manufacturers' mood improves in October-December: Govt survey

The business survey index (BSI) of sentiment at large manufacturers stood at plus 9.7, up from plus 9.4 in July-September.

BOJ to cut ETF purchases - Bloomberg

The Bank of Japan (BOJ) cut its annual buying target for domestic exchange-traded funds (ETF) by as much as a third from the current JPY 6 trillion says a Bloomberg report released today.

NZIER Consensus Forecasts shows softer growth outlook for New Zealand

NZIER survey of economists shows expectations of slower growth for the next few years in New Zealand.

RBNZ’s Spencer: Bitcoin ‘looks remarkably like a bubble forming to me’

The Reserve Bank of New Zealand (RBNZ) Governor Grant Spencer said in an interview with TVNZ broadcast on Sunday, Bitcoin is a bubble.

NZ Govt appoints Adrian Orr as the new RBNZ Governor

Reuters reporting the latest headlines citing that the New Zealand government appointed Adrian Orr as the new Reserve Bank of New Zealand (RBNZ) Governor.

Key Focus ahead

Just like the Asian session, the European session also has nothing of note to report, in terms of the macroeconomic releases, with the traders poised for a quiet start to an eventful week ahead. Meanwhile, the US docket offers the second-liner JOLTS job openings data, as the dust settles over the payrolls aftermath.

EUR/USD - Bullish doji reversal?

Friday's doji candle on the EUR/USD and the failure on the part of the bears to keep the spot below 50-day MA signals the bearish move from the recent high of 1.1961 may have run out of steam.

GBP/USD: Further downside in play ahead of a Big week?

The rebound in the GBP/USD pair lost legs just ahead of 1.34 handle, with the bulls now on the defensive awaiting fresh impetus from the plenty of risk events lined up in the week ahead.

Source: US President Trump to speak on tax this Wednesday -BBG

Bloomberg quoted a person familiar with the matter, as citing that the US President Donald Trump will deliver closing arguments for the proposed Republican tax plan on Wednesday.

‘FOMC almost certain to deliver the third rate hike of 2017’ – Goldman Sachs

Goldman Sachs’ Analysts came out with a brief preview on their expectations on the final FOMC meeting of this year, with a rate hike widely priced-in by the markets.

‘Short-term pain seen for gold’ - UBS

Bloomberg reported comments from Dominic Schnider, Head of Commodity & APAC FX, UBS Wealth Management, expressing his view on gold in 2018.

GMT	Event	Consensus	Previous
Monday, Dec 11
15:00	USD JOLTS Job Openings	6.090M	6.093M
17:00	USD 10-Year Note Auction		2.314%
Tuesday, Dec 12
n/a	AUD HIA New Home Sales (MoM)		-6.1%
00:30	AUD Mid-Year Economic and Fiscal Outlook
00:30	AUD House Price Index (QoQ)	0.5%	1.9%
00:30	AUD House Price Index (YoY)		10.2%
00:30	AUD National Australia Bank's Business Confidence		8
00:30	AUD National Australia Bank's Business Conditions		21
09:30	GBP Retail Price Index (YoY)	4%	4%
09:30	GBP Retail Price Index (MoM)	0.3%	0.1%
09:30	GBP DCLG House Price Index (YoY)		5.4%
09:30	GBP Producer Price Index - Output (MoM) n.s.a	0.3%	0.2%
09:30	GBP Producer Price Index - Output (YoY) n.s.a		2.8%
09:30	GBP PPI Core Output (MoM) n.s.a	0.2%	0.1%
09:30	GBP Producer Price Index - Input (YoY) n.s.a	6.8%	4.6%
09:30	GBP PPI Core Output (YoY) n.s.a	2.2%	2.1%
09:30	GBP Producer Price Index - Input (MoM) n.s.a	1.6%	1.0%
09:30	GBP Core Consumer Price Index (YoY)	2.7%	2.7%
09:30	GBP Consumer Price Index (YoY)	3%	3%
09:30	GBP Consumer Price Index (MoM)	0.2%	0.1%
10:00	EUR ZEW Survey - Current Situation	88.5	88.8
10:00	EUR ZEW Survey - Economic Sentiment	17.4	18.7
10:00	EUR ZEW Survey - Economic Sentiment		30.9
11:00	USD NFIB Business Optimism Index		103.8
13:30	USD Producer Price Index ex Food & Energy (YoY)	2.4%	2.4%

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

EUR/USD keeps the bid bias just over 1.1800

EUR/USD has started the week on a positive foot, hovering around the 1.1800 region in the latter part of Monday’s session. The pair’s recovery comes on the back of a decent decline in the US Dollar, as investors keep their attention on the evolving US–EU trade relationship after President Trump’s announcement of sweeping global tariff hikes.

GBP/USD looks stuck around 1.3500 amid firm gains

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Gold pops above $5,200, four-week highs

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Crypto Today: Bitcoin, Ethereum, XRP intensify sell-off as tariff uncertainty weighs

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Supreme Court nixes tariffs, Trump teases 15% global tariff

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XRP recovers slightly as bearish sentiment dominates crypto market

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