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    MORNING BELL: RBNZ cuts rate to 3%

    The British pound edged higher on Wednesday after the Bank of England’s meeting minutes further suggested a direction towards an interest rate increase. The sterling gained almost 1% versus the euro, and about 0.5% against the US dollar. The Greek parliament passed the second set of bailout measures early on Thursday, giving Greek Prime Minister Alexis Tsipras the win for backing the bailout reforms package, despite the 36 out of 149 Syriza party deputies that voted against the bill or abstained. 

    The Reserve Bank of New Zealand cut interest rates from 3.25% to 3.0% late on Wednesday as expected. The decision signals towards the direction of further easing due to the low inflation and the weaker economic prospects. The New Zealand dollar jumped up to a weekly high after the rate decision, reaching 0.66513 against the US dollar. The Australian dollar also climbed higher, supported by the kiwi, but soon retraced, as it is under pressure due to a possible Australian rate cut. 

    The US dollar managed to escape from its one week bottom against the Japanese yen on Thursday, while the Dollar Index also gained back some ground and is steadily trading around $97.40. Apple reported its biggest percentage drop since January of last year after its revenue results failed to meet the forecasts. Furthermore, Microsoft also reported its largest quarterly loss ever. Coming up on Thursday are the USD Unemployment Claims due at 12:30 GMT, followed by the Natural Gas Storage data at 14:30 GMT.

     

     

     

     

     

     

     


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