The major Asian stock indices are all lower this morning, with the Nikkei down 0.40 % and the Shanghai Comp losing 0.90 %. The main theme overnight was the lower than expected inflation numbers out of New Zealand, which led to a 100 pips drop in NZD/USD. Most bank analysts agree that it is unlikely that the RBNZ will hike rates soon and some expect an increasingly dovish tone in their next report. Australian bank ANZ has cut their RBNZ rate hike forecast to December 2015 from March 2015 previously.
Chinese HSBC Manufacturing PMI data came in slightly better than expected, but that hasn’t helped the Aussie much as the USD remains bid & commodities weak. Looking ahead, we have a series of PMI data out of France, Germany and the Euro Zone, followed by UK retail sales figures.
Good luck!
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