Previous Trading Days Events 06 Feb 2024

The Reserve Bank of Australia RBA held interest rates steady as it faces high inflation and stated that further increases are not ruled out. This signals that an easing policy is not coming soon for the RBA.

While recent data indicate that inflation is easing, it remains high The Board needs to be confident that inflation is moving sustainably towards the target range, said the RBA Board in a statement.

Source httpswww.reuters.commarketsaustraliascentralbankholdsrateswarnsfurtherhikemightbeneeded20240206

New Zealands labour market data showed higherthanexpected employment growth. Employment increased by 0.4, with the unemployment rate rising to 4.0 in the fourth quarter, below the expectations of a 4.2 unemployment rate.

Fourthquarter figures confirmed that the exceptionally tight NZ labour market is only slowly going off the boil, ASB Bank Senior Economist Mark Smith said in a note.

ASB Bank expects unemployment to continue its upward journey, but it may not rise by as much as earlier expected, while wage inflation may not moderate as quickly as expected earlier, he added.

Source httpswww.reuters.commarketsnewzealandsjoblessraterises40fourthquarter20240206

Winners vs Losers

NZDUSD is on the top of the winners list for the week with 0.64 gains so far. Yesterdays labour marketrelated data was positive for the NZD currency, while the dollar experienced weakness. USDCHF is the months top gainer so far with 0.81…