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    What to watch for today

    Central banks are back in the game as the Reserve Bank of New Zealand decides on interest rates later today. That will the most important event of the day, but there are also other things to watch during today’s session:

    • On Wednesday, the New Zealand central bank will release its rate statement and a Monetary Policy Statement. The markets are expecting the RBNZ to leave rates on hold at  2.25%, but it’s a close call. The RBNZ surprised the markets in March, cutting rates from 2.50% to 2.25% and although the consensus is for a hold, almost 40% of economists see a chance of a cut today. 

    • As for the data front, JOLTS Job Openings in the US climbed to 5.76 million in the previous release, easily beating the estimate of 5.55 million. The upward trend is expected to continue, with an estimate of 5.82 million for the April report. The figure will be an important one for the Federal Reserve, but won’t impact June’s decision.
    • In Europe, undustrial production from the UK is due on Wednesday and is headlining a light day for the European economic news.

     

    Any person acting on this information does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it.


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