Forex Mid-Day Technical Report Dollar Mildly Lower after ...
Dollar weakens mildly in early US session after disappointing ADP employment report but the move is so far limited. The ADP report, which is usually used as a preview of the NFP, increased 57k jobs only, much lower than expectation of 100k. The US calendar is pretty light today with only Fed's beige book left. Though, Fed Moskow's speech on economic forecasts for 2007 will be watched. After all, traders are still cautiously awaiting main events of ECB meeting tomorrow and NFP on Friday.
Before that RBNZ, will announce rate decision in the coming Asia session and is widely expected to raise rate by 25bps to 7.5%. Despite being on hold in Jan, the accompanying statement delivered a strong message that further tightening is on the way. RBNZ is expected to remain hawkish after this hike as strength in household demand is still considered a serious threat to inflation in medium term by Bollard.
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