Themes

• General mood is “risk off”
• RBNZ raises New Zealand interest rates 25bps as expected
• All eyes remain on the Ukraine  

What’s Moving

A Japanese holiday today, combined with everyone waiting to see what Russia’s next move in the Ukraine conspired to another quiet session in Asia today. The RBNZ raised rates 25bps as was widely expected.

On the currency market we have had the tightest ranges since the week of Christmas last year, with most players content with their positions amid the current Ukrainian rumblings. The only mover today was the NZD, which rose strongly on the rate hike news.

Data and events tonight include:

• Euro-zone final CPI (E: +5.1%)
• UK Monetary Report Hearings