RBNZ’s Wheeler says stable OCR most prudent option

•      RBNZ’s Wheeler says stable OCR most prudent option

•      Gov. Wheeler reiterated his view that “in the current circumstances a period of OCR stability is the most prudent option”

•      He also repeated that NZD remains unjustified in terms of current economic conditions

•      What was more important in my view, is that he did not ruled out a cut in the interest rates if domestic demand deteriorated and domestic price pressures declined further.

•      ECB will hold a non-monetary policy meeting to decide whether it should approve a move by Greece’s central bank to provide emergency liquidity to some of the country’s largest banks

•      Oil prices keep rising since Friday: US drillers’ idled 94 rigs which increased the speculation that reduced investment in the sector will reduce crude production

•      Today:

•      Final service-sector PMIs from France, Germany, Eurozone and the UK

•       Eurozone: retail sales for December

•      US: ADP employment report for January, final Markit service-sector PMI and the ISM non-manufacturing index

•      Speakers: Cleveland Fed President Loretta Mester