NZD/USD traders sit tight ahead of the RBNZ – by fx_ross NZDUSD Currencies RBNZ Fed
Should the RBNZ outcome be dovish, then this could lead to a hefty sell-off towards 0.5650 and then 0.5600.
It is the Reserve Bank of New Zealand's turn today and NZD/USD was unable to benefit as well as its counterparts in Europe due to the Reserve Bank of Australia's dovish tilt. The kiwi moved higher but was little changed on the day despite softer US yields and a much weaker US dollar. ''That and NZD/AUD relatives is weighing on the Kiwi this morning. Still, it won’t be long before theget the chance to make their views known. We expect a 50bp hike and hawkish tone, but the market is already pricing in a lot, so the bar is high.''
On the other hand, the price could shoot up on a hawkish outcome towards a 50% mean reversion of the daily bearish impulse near 0.5800 and beyond.
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