Look ahead: New Zealand interest rate decision; Taylor Wimpey; Reckitt Benckiser; Just Eat Takeaway
The Australian and New Zealand dollars on the defensive ahead of a raft of global inflation data, and a monetary policy meeting at the Reserve Bank of New Zealand.
Plus, Taylor Wimpey, Reckitt Benckiser, Just Eat Takeaway and Snowflake report.
(AI Video Summary)
New Zealand to announce interest rates decision
Today's "Look ahead" brings you market and trading news to expect for Wednesday, the 28th of February. Firstly, New Zealand will be announcing its decision on interest rates. The forecast is that it will remain at 5.5%. This decision could have an impact on the Australian dollar and the New Zealand dollar, as both currencies are currently being affected by market uncertainty and concerns about global inflation, particularly in the US. These two currencies also tend to be volatile when compared to the US dollar.
US and Austraila economic data expected
Another important event to watch out for is the release of the US Personal Consumption Expenditures (PCE) data on Thursday. This data could greatly influence the currency exchange rates. Additionally, Australia will be releasing its Consumer Price Index (CPI) indicator for January, and it is expected to show a 3.5% decrease. This points to a situation where inflation is still a concern.
The market's main focus this week will be on the US data. The second estimate of the Q4 GDP growth rate will be closely watched to gauge the strength of the US economy. Investors are hoping for a soft landing. The wholesale inventories and EIA crude oil inventories will also be of interest.
Corporate four-year numbers
In terms of corporate news, Reckitt Benckiser, Taylor Wimpey, and Aston Martin Lagonda will be releasing their four-year numbers. Companies in the consumer goods sector, like Reckitt Benckiser, have successfully implemented price increases, but others in the same sector are facing challenges due to issues in the supply chain, increased disputes with retailers, and high inflation. Reckitt Benckiser is showing positive technical indicators, with a progressive climb.
Tough times for Just Eat Takeaway
Just Eat Takeaway.com and Holcim are also on the corporate calendar. Just Eat, which delivers food to people's homes, had been doing well during the pandemic. However, they now face challenges, including competition from rivals and the need to adapt during tougher times.
It is also worth noting that Salesforce and Snowflake will be releasing their fourth-quarter numbers in the US.
This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it 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. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.
Start trading forex today
Trade the largest and most volatile financial market in the world.
- Spreads start at just 0.6 points on EUR/USD
- Analyse market movements with our essential selection of charts
- Speculate from a range of platforms, including on mobile
Live prices on most popular markets
- Forex
- Shares
- Indices
