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11 Sep 2013
RBNZ next: Impact on NZD/USD
FXstreet.com (Barcelona) - The RBNZ will publish its latest monetary policy statement at 5GMT, with NZDUSD trading in a very solid tone circa 0.8080, which ironically almost coincides with where it was on 7/25, when the last RBNZ rate decision was made.
Market talk its that after after introducing the macro-prudential measureS in New Zealand, aimed at cooling down the housing bubblE, RBNZ Chief Mr. Wheeler may reinforce the hawkish narrative as the economy continues to grow, although one should be aware they might not like where the NZD is currently trading, thus be watchful for any attempt to talk down the currency.
In terms of sentiment, the recovery in risk appetite has seen the Kiwi regaining its 'old allure' back, with the normalization on the dairy products crisis by Fonterra also helping to see bids return towards the currency.
According to Milan Cutkovic from FXWW: "Support is lying at 0.8010 and 0.7960 with stops through 0.7990 and sub-0.7950. Topside, decent resistance at 0.81 and then 0.8160. Stops above the big figure."
Market talk its that after after introducing the macro-prudential measureS in New Zealand, aimed at cooling down the housing bubblE, RBNZ Chief Mr. Wheeler may reinforce the hawkish narrative as the economy continues to grow, although one should be aware they might not like where the NZD is currently trading, thus be watchful for any attempt to talk down the currency.
In terms of sentiment, the recovery in risk appetite has seen the Kiwi regaining its 'old allure' back, with the normalization on the dairy products crisis by Fonterra also helping to see bids return towards the currency.
According to Milan Cutkovic from FXWW: "Support is lying at 0.8010 and 0.7960 with stops through 0.7990 and sub-0.7950. Topside, decent resistance at 0.81 and then 0.8160. Stops above the big figure."