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.
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