I read somewhere or other yesterday that Yellen’s magic wand was running out of effectiveness. No-one told the S&P it would appear.
No Yellen appearances in Asia today, but to make up for that we’re getting a few appearances from Graeme Wheeler, who y’all might know as the governor of the Reserve Bank of New Zealand.
At 2100GMT the RBNZ publish its Financial Stability Report, which will be followed at 2105GMT by governor Wheeler press conference. Watch out for comments about the housing market and associated path of interest rate hikes in NZ.
At 0005GMT Wheeler appears in the NZ parliament to answer questions from parliamentarians. He’ll be looking forward to that, I bet.
The thing with Graeme Wheeler has been, these public appearances have often been associated with him taking down the kiwi $, a tactic which he is likely to attempt again today. The first few times he did it he caught the market on the hop, but its now expected of him. So, expect some attempt at jawboning the currency lower from him, but maybe not much reaction. (ps. the ‘maybe not much reaction’ part of that sentence is my opinion, and you know what they say about those, right? Watch the price action/response for where the currency is going).
