Asian Data Keeps Markets Busy

The Reserve Bank of New Zealand decided to cut the benchmark lending rates by 25bps in its monetary policy meeting announcement, bringing the interest rates down from 3.00% to 2.75%. The RBNZ's statement was interpreted as very dovish with the Central Bank signalling scope for further rate cuts with the rate forecast for 2015 revised down to 2.50%. Slowing demand from China and global uncertainty was cited as one of the reasons for a drop in commodity prices. The RBNZ stated that further depreciation in the New Zealand Dollar's exchange rate was warranted to reflect changing conditions. Also mentioned was that in the event of continued weakening demand from China, the Central Bank would not hesitate to slash interest rates interest rates to as low as 2.00%. The NZDUSD pair fell sharply on the RBNZ's decision and comments, already giving up -1.75% for the day.

Apple prominently revealed its new range of iPhones, the iPhone 6S and 6S Plus as well as Apple TV and a revamped iPad Pro at the event in San Francisco yesterday. The 6S and 6S Plus saw the addition of 3D touch (previously known as Force Touch) with a 12 megapixel camera and 50% more pixels than the iPhone 6. The new products unveiled yesteray are expected to open for pre-sales on September 12 while hitting the stores on September 25th. The company also launched a new stylus known as Apple Pencil which is expected to retail at $100. The new product launch however failed to impress investors expecting a groundbreaking announcement with share prices nosediving, closing -1.92% lower for the day. Shares in Apple hit a roadblock this year after posting highs at 134.54 before slumping and printing at a 52-week low of $92.