As had been widely expected the RBNZ cut its benchmark interest rate by 0.25% to 2.00%. while the decision was not a surprise, the market reaction certainly has been with the Kiwi Dollar adding over a penny in the minutes following the news. Governor Wheeler blamed the higher NZD putting downward pressure in inflation plus global weakness for the cut, while also complaining about high hose price growth again. Despite general talk about being accommodative and the potential for more easing in future the central bank was vague on the timing of more stimulus and didn’t threaten to intervene in currency markets. Based on this, market action following the news suggests traders think the RBNA may be done easing for now. Stock markets around the world slipped back a bit in muted trading with earnings season winding down and little economic news. We’re also heading into the dog days of summer and what has historically been the weakest time of the year for stocks so traders may be less enthusiastic about taking on new bullish positions in the near term. USD also dropped back boosting gold and other precious metals particularly Silver and platinum plus other currencies like GBP and USD. Crude oil had a tough day after a surprise increase in DOE inventories confirmed yesterday’s bearish API report showing that the glut in the market hasn’t subsided, particularly amid reports that Saudi Arabia produced a record amount of oil in July to meet summer demand. Oil weakness dragged on CAD and energy stocks. Gasoline saw another big drawdown as summer driving season continues. NZD may remain active through the day with food price data due later in the morning locally and New Zealand PMI coming tomorrow while Singapore GDP figures may also attract some attention. The economic calendar for Europe and north America is light Thursday with US jobless claims and Canada new house prices among the highlights. Corporate News There have been no major corporate announcements after the US close today. Economic News Significant announcements released overnight include: NZ RBNZ interest rate 0.25% cut to 2.00% as expected US DOE crude oil inventories 1.0 mmbbls vs street (1.5 mmbbls) US DOE gasoline inventories (2.8 mmbbls) vs street (1.3 mmbbls) Upcoming significant economic announcements include: (Note: 11:30 am in Sydney/Melbourne is currently 1:30 pm in Auckland, 4:30 pm in Vancouver, 7:30 pm in Toronto/Montréal, 12:30 am in London and 8:30 am in Singapore) 8:45 am AEST NZ food prices previous 0.4% 10:00 am AEST Singapore GDP street 2.2% 7:00 am BST Sweden unemployment rate previous 3.8% 7:45 am BST France consumer prices street 0.2% 8:30 am BST Sweden consumer prices street 0.8% 8:30 am EDT US jobless claims street 265K 8:30 am EDT US import prices street (4.3%) 8:30 am EDT Canada new house prices previous 2.7% 10:30 am EDT US natural gas street 27 BCF