The Zealand Dollar (NZD) breaks its five-day losing streak against the US Dollar (USD) following the Reserve Bank of New Zealand's (RBNZ) interest rate decision on Wednesday.
The New Zealand Dollar advanced as the RBNZ reduced its Official Cash Rate by 50 basis points in November. The risk-sensitive NZD faced challenges as Donald Trump’s announceda plan of increase import tariffs on Chinese goods. The USD strugglesdue to bond market optimism following President-elect Donald Trump's decision to nominate fund manager Scott Bessent.
4% contraction for the period, while the RBNZ forecasted a 0.5% decline. NZ Stats showed on October 16 that New Zealand’s annual Consumer Price Index rose 2.2% in Q3, aligning with market forecasts and marking a sharp slowdown from the 3.3% growth in Q2. New Zealand Dollar tests the descending channel’s upper boundary near 0.5900 The NZD/USD pair trades near 0.5880 on Wednesday. A daily chart review highlights a deepening bearish trend as the pair moves within a descending channel pattern.
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