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New Zealand Dollar gathers strength, RBNZ rate decision in spotlight
The post New Zealand Dollar gathers strength, RBNZ rate decision in spotlight appeared on BitcoinEthereumNews.com. The New Zealand Dollar gains traction in Monday’s early Asian session. Diminishing odds of an RBNZ rate cut and hotter Chinese inflation data underpin the Kiwi. The RBNZ monetary policy meeting will take center stage on Wednesday. The New Zealand Dollar (NZD) attracts some buyers to near the 0.6000 psychological level on Monday. The Kiwi gains traction as markets trimmed bets on a rate cut by the Reserve Bank of New Zealand (RBNZ) at its August meeting on Wednesday after the stronger-than-expected employment report. Furthermore, the hotter Chinese July Consumer Price Index (CPI) supports the China-proxy NZD as China is New Zealand’s largest trading partner. Nonetheless, the heightened volatility and elevated geopolitical risks in the Middle East might exert some selling pressure on riskier assets like the Kiwi and cap the pair’s upside. Traders await the RBNZ interest rate decision on Wednesday for fresh catalysts. On the US docket, the Producer Price Index (PPI), Consumer Price Index (CPI) and Retail Sales will be released on Tuesday, Wednesday and Thursday, respectively. Daily Digest Market Movers: New Zealand Dollar trades stronger as traders trimmed bets on RBNZ rate cut 12 of 21 economists surveyed by Bloomberg expect the New Zealand central bank to keep the OCR at 5.5% on Wednesday. The NZIER Shadow Board is split on whether the Reserve Bank of New Zealand (RBNZ) should lower the Official Cash Rate (OCR) in its forthcoming August Monetary Policy Statement. Over half of the Shadow Board members expect a 25 bps reduction in the OCR required due to the persistent weakening of the New Zealand economy. The other members suggested that the Reserve Bank should keep the OCR at 5.50%. China’s CPI climbed 0.5% year-on-year in July, compared to a 0.2% increase in June, hotter than the expectations of a 0.3% rise, the…
The post New Zealand Dollar gathers strength, RBNZ rate decision in spotlight appeared on BitcoinEthereumNews.com.
The New Zealand Dollar gains traction in Monday’s early Asian session. Diminishing odds of an RBNZ rate cut and hotter Chinese inflation data underpin the Kiwi. The RBNZ monetary policy meeting will take center stage on Wednesday. The New Zealand Dollar (NZD) attracts some buyers to near the 0.6000 psychological level on Monday. The Kiwi gains traction as markets trimmed bets on a rate cut by the Reserve Bank of New Zealand (RBNZ) at its August meeting on Wednesday after the stronger-than-expected employment report. Furthermore, the hotter Chinese July Consumer Price Index (CPI) supports the China-proxy NZD as China is New Zealand’s largest trading partner. Nonetheless, the heightened volatility and elevated geopolitical risks in the Middle East might exert some selling pressure on riskier assets like the Kiwi and cap the pair’s upside. Traders await the RBNZ interest rate decision on Wednesday for fresh catalysts. On the US docket, the Producer Price Index (PPI), Consumer Price Index (CPI) and Retail Sales will be released on Tuesday, Wednesday and Thursday, respectively. Daily Digest Market Movers: New Zealand Dollar trades stronger as traders trimmed bets on RBNZ rate cut 12 of 21 economists surveyed by Bloomberg expect the New Zealand central bank to keep the OCR at 5.5% on Wednesday. The NZIER Shadow Board is split on whether the Reserve Bank of New Zealand (RBNZ) should lower the Official Cash Rate (OCR) in its forthcoming August Monetary Policy Statement. Over half of the Shadow Board members expect a 25 bps reduction in the OCR required due to the persistent weakening of the New Zealand economy. The other members suggested that the Reserve Bank should keep the OCR at 5.50%. China’s CPI climbed 0.5% year-on-year in July, compared to a 0.2% increase in June, hotter than the expectations of a 0.3% rise, the…
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