Market participants are eagerly awaiting the Reserve Bank of New Zealand (RBNZ) interest rate decision, due on Wednesday at 02:00 GMT, as it is expected to be a “close call” for the central bank.
The Reserve Bank of New Zealand is set to maintain its key interest rate at 5.50% on Wednesday. The August policy decision appears to be a “close call” between a hold and a cut, as inflation expectations fall. The New Zealand Dollar’s fate hinges on the RBNZ policy action, updated forecasts and Governor Orr’s words.
The New Zealand Dollar could also benefit should the bank retain its hawkish bias while maintaining the OCR estimates. Dhwani Mehta, FXStreet’s Senior Analyst, offers a brief technical outlook for trading the New Zealand Dollar on the RBNZ policy announcements: “The NZD/USD pair is consolidating the previous week’s recovery, capitalizing on a bullish 14-day Relative Strength Index on the daily chart.” “If buyers manage to find acceptance above the key 200-day Simple Moving Average at 0.
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