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RBNZ left the official cash rate unchanged at 1.75%. Rate statement was neutral with no sign of an imminent rate hike. They expect the trade weighted exchange rate to ease over the projection period. That means lower New Zealand dollar - or less need for hikes. On equities they say: "Equity markets have been strong, although volatility has increased recently."
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Kiwi jumps on upbeat RBNZ
RBNZ held the official cash rate at 1.75%. Rate statement was little changed. Both wages and inflation are expected to increase gradually. Monetary policy is to remain accommodative for a considerable period. Comment on New Zealand dollar was softer than many expected.
Kiwi jumped about half a cent after the release and stabilized near 0.725 in following hours. Month's high near 0.7325 is the next target and then year's high at 0.7375. Strong support area at 0.7175 - 0.72 should continue to hold…
Kiwi jumped about half a cent after the release and stabilized near 0.725 in following hours. Month's high near 0.7325 is the next target and then year's high at 0.7375. Strong support area at 0.7175 - 0.72 should continue to hold…
Kiwi falls as RBNZ remains cautious
The RBNZ left official cash rate at the record low of 1.75%. Rate statement doesn't differ much from the previous one but the bank says that "monetary policy will remain accommodative for a considerable period". Language on exchange rate didn't change but they'd like their currency lower.
Kiwi started to fall before the announcement and is currently trading a cent below the pre-announcement levels. 0.72 is the immediate support but 0.71 - 0.7125 band, where 50, 100 and 200 DMA converge, looks li…
Kiwi started to fall before the announcement and is currently trading a cent below the pre-announcement levels. 0.72 is the immediate support but 0.71 - 0.7125 band, where 50, 100 and 200 DMA converge, looks li…
Cable supported ahead of the BOE
Big day for the pound today as the BOE conclude its first meeting post Brexit. Many expect them to cut the official cash rate by 0.25% and perhaps add some QE. That would likely resume the downtrend in the pair.
A surprise decision to stand pat would most probably be accompanied by a strong hint on action in August. The pair would rally on further short covering but the upside would be limited.
A surprise decision to stand pat would most probably be accompanied by a strong hint on action in August. The pair would rally on further short covering but the upside would be limited.
Kiwi jumps as the RBNZ leaves policy unchanged
The RBNZ left the official cash rate at 2.25%, released relatively upbeat statement and then governor Wheeler didn't give an impression that they would want to cut anytime soon. Many in the market expected a cut or at least a strong hint of a cut in August.
They didn't get that and the pair jumped 75 pips on the decision and added another 50 in the hours after. It broke above the 2015 - 2016 rising wedge and stalled near 38.2% retracement of the 2014 - 2015 downtrend. 100 WMA is the next resista…
They didn't get that and the pair jumped 75 pips on the decision and added another 50 in the hours after. It broke above the 2015 - 2016 rising wedge and stalled near 38.2% retracement of the 2014 - 2015 downtrend. 100 WMA is the next resista…
Kiwi falls in response to the dovish RBNZ
RBNZ cut Official Cash Rate to 2.75% from 3.00%, which was in line with expectations. However, the tone in the rate statement was more dovish than expected, reaffirming that "some further easing seems likely" and that "further NZD depreciation is appropriate". Kiwi was marked down immediately and continued to fall in the aftermath of the release, before pulling back in the early European session.
Resistance is seen at 0.6335 - 0.6340 (Previous Day Low, Weekly Pivot Point, 50.0% retracement of th…
Resistance is seen at 0.6335 - 0.6340 (Previous Day Low, Weekly Pivot Point, 50.0% retracement of th…
Kiwi rallies on RBNZ
RBNZ cut Official Cash Rate to 3.00% from 3.25%, in line with most analysts' expectations. The rate statement expresses the easing bias a bit more clearly than the previous one but the comment that NZD exchange rate "remains overvalued" was removed and replaced with softer language. The pair rallied on the announcement, which confirms that the market has hoped for a 0.50% cut or at least more dovish statement.
The pair found resistance in 0.6680 - 0.6700 band (trendline drawn off May 14th and Ju…
The pair found resistance in 0.6680 - 0.6700 band (trendline drawn off May 14th and Ju…
Kiwi lower on RBNZ rate cut
RBNZ (un)expectedly cut its Official Cash Rate overnight to 3.25% from 3.50%, citing risks to inflation and demand outlooks. It appears that the bank entered an easing cycle, although they've said that further decisions will be data dependant.
Kiwi gapped more than 150 pips as the data were released in the most illiquid time of the day. After an unconvincing bounce, the pair continued lower and is currently attempting to sustain a break below the big 0.70 level. Below there, the next stronger su…
Kiwi gapped more than 150 pips as the data were released in the most illiquid time of the day. After an unconvincing bounce, the pair continued lower and is currently attempting to sustain a break below the big 0.70 level. Below there, the next stronger su…