ForexLive Asia-Pacific FX news wrap: NZD drips lower

• Monday – Kansas City Fed President Jeffrey Schmid eddresses Economic Club of Oklahoma City
• Bank of England Deputy Governor Breeden and Chief Economist Pill are speaking on Monday
• Japanese inflation data due on Tuesday core to drop under 2% for the first time in 2 years
• Goldman Sachs Brent crude oil forecast up to $87/barrel (from $85) on Red Sea disruption
• European Central Bank President Lagarde is speaking on Monday
• Reserve Bank of New Zealand meet this week (Feb 28) – preview
• National Australia Bank bullish AUD/USD, see 0.72 by year-end 2024
• PBOC sets USD/ CNY reference rate for today at 7.1080 (vs. estimate at 7.1998)
• China’s coast guard is increasing patrols around Taiwan’s Kinmen islands
• ICYMI – ECB’s Stournaras says June is the earliest the Bank can cut rates
• Japan’s services PPI for January +2.1% y/y (vs. prior +2.4%)
• New Zealand’s Reserve Bank set to raise interest rates, TD and ANZ forecasts align
• US President Biden President will meet with the four Congressional leaders on Tuesday
• China says willing to work on free trade agreement with New Zealand
• Nomura’s near term EUR/USD forecast – range bound below 1.10
• UK survey shows most exporters hit by Red Sea disruption – cost pressures building
• Tech stocks forecast: Buy the dip says UBS
• ICYMI – Centeno says the European Central Bank must be open to a March rate cut
• European Central Bank says that Bitcoin’s “fair value is still zero.”
• Trade ideas thread – Monday, 26 February, insightful charts, technical analysis, ideas
• Monday morning open levels – indicative forex prices – 26 February 2024
• Video: I’ve never been so bearish on the Canadian dollar
• Weekly Market Outlook (26-01 March)
• Simplifying NASDAQ technical analysis: Insights for the upcoming trading week
• Newsquawk Week Ahead: US PCE, ISM mfg. PMI, RBNZ, EZ, Australia and Japan CPI
• Forexlive Americas FX news wrap: A mystery bid emerges in bonds

NZD/USD
dropped away a little during the session with no fresh news to
catalyse the move – traders pointed the finger at the upcoming
Reserve Bank of New Zealand statement due on Wednesday (there are
previews linked above, it’s a live meeting).

The
USD had gained more widely earlier in the session, against AUD, EUR,
GBP and CAD, but the ranges have been small only. US bonds remained
bid.

USD/JPY
is very little changed on the session. Data from Japan today showed
lower services PPI prices in January ahead of January CPI data due
Tuesday.

Natural
gas prices were supported by news of a Libya-Europe pipeline shut
down due to protests.

News
and data flow was otherwise very light.

Oil was a touch weaker: