– RBI cuts repo rate and CRR
– Australia’s NAB business confidence rose
– New Zealand’s trade deficit narrowed on falling imports
What to watch for today
USD: Less confident. We expect a decline from 65.1 to 63.0 in Conference Board consumer confidence, a bit weaker than the 64 consensus. This would be the lowest reading since August, with our economists pointing to the impact of the payroll tax increase evident in the preliminary Michigan sentiment reading. Data in line with our expectations could add to the corrective tone already evident in growth-sensitive currencies this week, particularly if equity markets were also to react negatively.
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