The Reserve Bank of New Zealand announced a third large rate cut of 0.50% earlier today while signaling the pace of cuts would now slow down.

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1. Earlier today, the Reserve Bank of New Zealand made its third 0.50% rate cut in the current cutting cycle, as was widely expected, reducing its Official Cash Rate from 4.25% to 3.75%. The Governor of the Bank said the pace of future cuts would now slow down. The Kiwi has held its value since the announcement.
2. Global equities are mostly higher, driven higher by a rally in technology stocks. The rise has been even more pronounced in trading in futures on the US-based NASDAQ 100 Index and the S&P 500 Index which reached new record highs yesterday. Trend traders will be interested in being long of these indices. A survey just released by the Bank of America shows investors are at their most bullish on risk sentiment in 15 years.
3. Gold is showing bullish momentum again after closing higher yesterday following Friday’s sizable decline. We may soon see another test of the recent all-time high just above $2,942 per ounce.
4. Corn futures rose again yesterday to surge to a new 1-year high.
5. Natural Gas made a strong gain yesterday, with some spot instruments trading at new long-term highs on a strong increase of more than 6%. Natural Gas futures are more subdued, as they have not yet made bullish breakouts to new highs.
6. In the Forex market, the New Zealand Dollar has been the strongest major currency since today’s Tokyo open, while the weakest major currency has been the Swiss Franc.
7. President Trump is now floating the idea of new 25% tariffs on all imports of automobiles, drugs, and computer chips.
8. Canadian CPI (inflation) data came in as expected rising month-on-month by only 0.1%, although some of the CPI metrics were a fraction higher than expected.
9. There will be releases today of UK CPI (inflation) data and the US FOMC Meeting Minutes.

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