TD Securities’ Prashant Newnaha says the RBNZ kept the OCR at 2.25% and now signals a first 25 bps hike in late 2026 or early 2027, followed by limited tightening.

South Africa Consumer Price Index (MoM) remains unchanged at 0.2% in January

South Africa Consumer Price Index (YoY): 3.5% (January) vs previous 3.6%

France Inflation ex-tobacco (MoM) down to -0.4% in January from previous 0.1%

The EUR/GBP cross holds losses near 0.8735 during the early European session on Wednesday. The Pound Sterling (GBP) edges slightly higher against the Euro (EUR) after the UK Consumer Price Index (CPI) inflation report.

United Kingdom Producer Price Index - Output (MoM) n.s.a below expectations (0.2%) in January: Actual (0%)

United Kingdom PPI Core Output (MoM) n.s.a rose from previous -0.1% to 0.2% in January

United Kingdom Producer Price Index - Input (YoY) n.s.a down to -0.2% in January from previous 0.8%

United Kingdom Producer Price Index - Output (YoY) n.s.a: 2.5% (January) vs previous 3.4%

United Kingdom Producer Price Index - Input (MoM) n.s.a in line with forecasts (0.4%) in January

United Kingdom PPI Core Output (YoY) n.s.a fell from previous 3.2% to 2.9% in January

United Kingdom Retail Price Index (MoM) came in at -0.5% below forecasts (-0.4%) in January

United Kingdom Retail Price Index (YoY) came in at 3.8% below forecasts (3.9%) in January

United Kingdom Consumer Price Index (MoM) in line with forecasts (-0.5%) in January

Scotiabank analysts Shaun Osborne and Eric Theoret note that the Pound is underperforming after a disappointing UK employment report. Softer job gains and wages keep domestic risks elevated into CPI, retail sales and PMI data.

The AUD/NZD cross rises to near 1.1760 during the Asian trading hours on Wednesday. The New Zealand Dollar (NZD) edges lower against the Australian Dollar (AUD) after the Reserve Bank of New Zealand (RBNZ) interest rate decision.

Australia National Australia Bank's Business Confidence (QoQ) increased to 3 in 4Q from previous 2

Australia Westpac Leading Index (MoM) fell from previous 0.08% to -0.1% in January

Australia National Australia Bank's Business Confidence (QoQ) down to -0.1 in 4Q from previous 2

New Zealand RBNZ Interest Rate Decision in line with expectations (2.25%)

Japan Adjusted Merchandise Trade Balance climbed from previous ¥-0.21B to ¥0.46B in January

Australia Wage Price Index (QoQ) meets expectations (0.8%) in 4Q

Australia Wage Price Index (YoY) remains unchanged at 3.4% in 4Q

Japan Merchandise Trade Balance Total registered at ¥-1B above expectations (¥-2142.1B) in January

Japan Exports (YoY) registered at 16.8% above expectations (12%) in January

Japan Imports (YoY) registered at -2.5%, below expectations (3%) in January

Brown Brothers Harriman’s (BBH) Global Head of Markets Strategy Elias Haddad anticipates the Philippine central bank will cut rates by 25 bps to 4.25%, likely marking the end of its easing cycle after 200 bps of reductions since mid‑2024.

BNP Paribas analysts see Chinese GDP growth at 5.0% in 2025, easing moderately in 2026 as domestic demand weakens and property sector stress persists. Authorities are expected to maintain supportive but cautious fiscal and monetary policies, prioritizing private consumption.

Rabobank’s Michael Every discusses a material shift in Australia’s macro backdrop. RBA minutes explain a 25 bps rate hike against stronger forecasts, while the IMF warns that the 5% deposit scheme for first-time buyers will fuel housing inflation and should be scrapped.

New Zealand Producer Price Index - Output (QoQ) came in at 0.1%, below expectations (0.7%) in 4Q