NZD/USD extends its downside below the 0.6000 mark, eyes on US Retail Sales – by lilyfinancial NZDUSD Majors Macroeconomics
rently near 0.5970, losing 0.07% in the early Asian session. A rise in US yields is the main driver of the USD’s strength. The 10-year yield is at 4.20%, while the 2-year yield stays at 4.97%. Market participants await the Reserve Bank of New Zealand interest rate decision on Wednesday, with the rate expected to remain unchanged at 5.5%.
Market players are convinced that the Federal Reserve will keep the interest rate unchanged in its September meeting. However, the odds for an additional rate hike of 25 basis points increased to almost 40% in November. That said, the US Retail Sales from July and FOMC Minutes due later this week will offer hints for further monetary policy for the entire year. More hawkish comments fromThere were no relevant economic data released from the US docket on Monday.
On the Kiwi front, the majority of analysts anticipate that the Reserve Bank of New Zealand will maintain rates at 5.50%, a 14-year high, for the second consecutive meeting on Wednesday, according to a Reuters poll. The New Zealand Dollar might extend its downside with a dovish stance by the RBNZ.Interest Rate Decision scheduled for Wednesday and the New Zealand’s Producer Price Index due on Thursday. Also, the US Retail Sales and FOMC minutes will be the key events.
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