When is the RBNZ Interest Rate Decision and how it could affect NZD/USD? – by anilpanchal7 RBNZ NZDUSD Events RiskAversion CentralBanks
RBNZ is up for fueling the market moves with its 11consecutive rate hike, expectedly worth 0.25%, during early Wednesday. The Interest Rate Decision will be accompanied by the RBNZ Rate Statement which can provide further details on the central bank’s next moves, making it crucial forWe expect the RBNZ will raise the OCR 25 bps to 5.00%. If that’s not to be, we see a 50 bps hike as likelier than a pause.
Earlier in the week, the RBNZ Shadow board backed the market expectations of witnessing a 0.25% rate hike but also mentioned the strain on demand the central bank’s rate hike offers. As a result, the Reserve Bank of New Zealand may announce a dovish hike to defend the policymakers from criticism. Given the clear early signals of witnessing a 0.25% rate hike, the NZD/USD appears well-set to consolidate the latest pullback around the seven-week high. However, a negative surprise due to the natural calamity at home won’t hesitate to drown the Kiwi pair.
Apart from the interest rates, the economic forecasts and language of the RBNZ Rate Statement will also be the key for the NZD/USD pair traders to watch. That said, the bleak economic outlook and early signals for peak rates might tease the sellers despite the 0.25% rate hike announcement. Technically, NZD/USD justifies the previous day’s upside break of the 100-DMA and a five-week-old ascending trend line, around 0.6300, to aim for the 61.8%
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