It was the RBA rate decision (hold), which also created a spike in EUR/GBP, GBP/JPY
and basically everything haha
Crazy stuff, trading haha
Good luck with your trading today, Eddie! We believe in you!!
[B]Yesss![/B]
Losing streak over. Bit of a mixed day, couple of trades in the red, couple in the green
Wohhoooo!!
Quieter markets todayā¦ well done!
Went short AudJpy yesterday @ 79.95, just placed sl below be
Official Cash Rate unchanged at 2.25 percent
Release date09 June 2016
Statement by Reserve Bank Governor Graeme Wheeler:
The Reserve Bank today left the Official Cash Rate unchanged at 2.25 percent.
Global financial market volatility has abated and the outlook for global growth appears to have stabilised after being revised down successively over recent quarters. There has been a modest recovery in commodity prices in recent months. However, the global economy remains weak despite very stimulatory monetary policy and significant downside risks remain.
Domestic activity continues to be supported by strong net immigration, construction, tourism and accommodative monetary policy. The dairy sector remains a moderating influence with export prices below break-even levels for most farmers.
The exchange rate is higher than appropriate given New Zealandās low export commodity prices. Together with weak overseas inflation, this is holding down tradables inflation. A lower New Zealand dollar would raise tradables inflation and assist the tradables sector.
House price inflation in Auckland and other regions is adding to financial stability concerns. Auckland house prices in particular are at very high levels, and additional housing supply is needed.
There continue to be many uncertainties around the outlook. Internationally, these relate to the prospects for global growth and commodity prices, the outlook for global financial markets, and political risks. Domestically, the main uncertainties relate to inflation expectations, the possibility of continued high net immigration, and pressures in the housing market.
Headline inflation is low, mostly due to low fuel and other import prices. Long-term inflation expectations are well-anchored at 2 percent. After falling in recent quarters, short-term inflation expectations appear to have stabilised.
We expect inflation to strengthen reflecting the accommodative stance of monetary policy, increases in fuel and other commodity prices, an expected depreciation in the New Zealand dollar and some increase in capacity pressures.
Monetary policy will continue to be accommodative. Further policy easing may be required to ensure that future average inflation settles near the middle of the target range. We will continue to watch closely the emerging flow of economic data.
View the Monetary Policy Statement
Media Contact:
Angus Barclay, External Communications Adviser
Ph 04 471 3698, 027 337 1102, <[email protected]>
NEW ZEALAND DOLLAR RISES SHARPLY
9 June 2016, 07:23
By Rachel Pannett
The New Zealand dollar took flight Thursday after the countryās central bank kept interest rates on hold at 2.25% as it tries to balance concerns over low inflation and a strong local currency with the need to keep a lid on a booming housing market.
The local currency spiked as high as US$0.7140, and at 0401 GMT was trading at US$0.7132 compared with US$0.6901 at a similar time on Wednesday.
The Australian dollar, meanwhile, dropped a full cent to the bottom of its recent 12-month trading range against the New Zealand dollar as the Reserve Bank of New Zealand delivered a more upbeat assessment of global and domestic economic activity and short-term inflation expectations, said Richard Grace, global head of currency strategy at CBA.
The central bank said that the exchange rate was āhigher than appropriate given New Zealandās low export commodity prices,ā while house price inflation in Auckland and other regions was adding to financial-stability concerns.
In addition to juggling domestic priorities, the RBNZ is likely monitoring developments overseas including the U.K. referendum later this month on leaving the European Union, the Australian election in July and the U.S. Federal Reserveās next two policy meetings.
BNZ Head of Research Stephen Toplis said the Fedās movements would be key for the RBNZ.
āAs has been the case for some time, itās all going to come down to the Fed,ā Mr. Toplis said, adding that [B]if the U.S. central bank proceeds with a rate increase before the RBNZās August decision it would likely take a lot of pressure off the Kiwi dollar and the RBNZ. āIf not, the pressure on the RBNZ to cut more aggressively rises,ā he said.
[/B]
Write to Rachel Pannett at <[email protected]>
(END) Dow Jones Newswires
Thank you for that, Eddieā¦
How did your AudJpy short go?
Made a handful of pips, nothing to write home about.
Im probably going to back off a bit until the referendum now, how about yourself?
Good ideaā¦
I feel like I have got nowhere with my trading
in the last ten monthsā¦
I had a discussion with Jake (Forexunlimited)
on one of the threads here last night and he has
rightly pointed out some things that I am.already
concerned aboutā¦
I am trapped between sticking to my plan
and jumping out of the top floor window
before this house fire gets to.me.
I have been trading a contest since mid-May through
MyFxBook /Valutrades and used a mixture of holding
trades and quick trades, and so far I made about $2,000
from the initial $10,000ā¦ I still have āitā, then, and possibly
I need to stick with my long-term plan without fearā¦
But holding the GBP/NZD from 2.46 was a bad
decision, although I have tried hedging this by diversifying
through equitiesā¦ Long term positioning involves
hedging more than stop losses, so that is where I
have placed my trust, in balancing my longs and
shortsā¦
In current market conditions, is my
GbpNzd target at around 3.0 realistic?
That is a question that loiters in my mindā¦
Also: how long should I be prepared to wait?
Sadly this is my journey and I alone must decide
how to steer this ship to a safe dockingā¦
All traders have doubts, especially when
going through losses (floating or realised),
so I should not let it get to.me
I just hope the Fedās rate decision and the UKās EU
referendum will carry enough momentum to shake some
sense into these markets, one way or anotherā¦
What about you, Eddie: with your substantial
gains so far this year, will you continue to push
or turn it down a notch, to preserve your hard-won
gains?
As youāve probably noticed, Iāve modified my trading slightly this year, putting stops in place once ive got sone decent profit movement. Still leave them open when I start the trade, but Iām fine with that so long as I stick to my trading plan of not opening a new trade while existing trades are in a lossāunfortunately this is sometimes easier said than done.
Currently I only have 2 open trades, will keep it like this until after the referendum, only opening a new trade if one of these closes first. Im concerned that if we do Brexit it will lead to a run on both the pound and the euro, so donāt want to be over exposed
Yes, Eddie, you have a good management plan and it has been paying offā¦
I agree about Euro and Pound both being at risk from Brexitā¦
I just visited your discussion with Jake on the other thread. It is a very good read even though I am somewhat familiar with your thought process and goals on your GBP/NZD trade from following you on your thread.
During December 2015 I closed my GBP/NZD positions with heavy losses of almost 2000 pips. I reached a point where I just didnāt want to carry those losses any more and just be done with them. I was so sure at the time that as soon as I closed the trade it would reverse for a 3000 pip gain. As it turned out, I would be another 2000 pips in the red if I had held on.
I believe that it will eventually turn around but I just did not have the stomach to keep looking at a big red negative number in my account. I still trade GBP/NZD but like Eddie I use stops to keep any losing positions from getting out of hand. I have managed to recover a lot of the pips I lost.
Good luck to you. I continue to follow your thread with interest.
Hello Yohec, thank you for your postā¦
It must feel good to be free of that huge weight on
your shouldersā¦ Truly, in hindsight, I may have done the same, but I would regret it if I did not follow this plan of mine to the very endā¦
I canāt believe gbpnzd has fallen below 2.03, it was 2.20 two weeks ago.
Still a great pair to trade. Is there any reason you dont trade this pair short for shortterm profits PMH, while still holding your longterm long trade?
I am not allowed to trade both ways on the same pair within the same accountā¦
Ah, never been an issue for me as I have different accounts for different trading systems
If I had enough capital I would do that too but at the moment it is not worth splitting my little potā¦ 
Just gone LONG GbpNzd @2.0295
#Keep The Faith
may the Pips be with you