Summary:

  • Data from the UK and Canadian housing market to be released today

  • Oil traders’ attention on DOE after yesterday’s API showing a drop in inventories

  • RBNZ meeting and post-meeting conference in the evening

In wednesday’s macro calendar we have some interesting readings and events planned. In the morning hours data from the UK housing market will take the stage followed by the Canadian peer in the early afternoon. Later on, oil traders may want to stay cautious ahead this week’s DOE report after sudden drop in inventories was reported by API yesterday. After better-than-expected jobs report NZD traders will focus on Reserve Bank of New Zealand as it is going to make its interest rate decision today and the Governor Spencer will hold post-meeting conference.

8:30 am BST – UK, Halifax House Prices for January. Index measuring the prices of properties and homes financed by the UK on of largest mortgage lenders. The pace of increments of house prices has been falling gradually since the early 2016 in YoY terms. However, at the turn of the year we have seen a little upside. This time market consensus calls for a reading of 0.2% MoM against -0.6% MoM seen last time and 2.4% YoY against 2.7% YoY.

1:30 pm BST – Canada, Building Permits for December. An important reading from Canadian housing market. Last month’s print missed forecasts heavily showing a decrease of 7.7% against an expected drop of 0.3%. However, this time surveyed economists point for an increase of 2% MoM.

3:30 pm BST – US, Crude Oil Inventories. Weekly DOE report on the US oil inventories. After a long streak of decreases last week’s report have shown a major build of 6.776M. Market consensus calls for another increase of 3.189M this week. However, it is worth noting that the yesterday’s API report unexpectedly shown a decent drop of 1.050M.

8:00 pm BST – NZ, Interest Rate Decision. An important event for all of the NZD traders. It has been over the year since the last change in the interest rates made by Reserve Bank of New Zealand. This time market consensus doesn’t expect the change as well yet what draws investors attention is the post-meeting conference. As the inflation has been within range set as a RBNZ’s target for quite some time traders will look for hints on the future moves in the Governor Spencer’s words.

Central banks speakers scheduled for today:

9:00 am BST – ECB’s Nouy and Lautenschlaeger

11:00 am BST – Fed’s Kaplan

1:30 pm BST – Fed’s Dudley

3:15 pm BST – Fed’s Evans

10:20 pm BST – Fed’s Williams

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After a decent rally at the turn of the year NZDUSD has struggled in the resistance zone at vicinity of 0.735. Will Governor Spencer help resume NZD rally? Source: xStation5