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- NZD/USD: RBNZ to reverse the downtrend triggered by weak Chinese data - ANZ
NZD/USD: RBNZ to reverse the downtrend triggered by weak Chinese data - ANZ
FXStreet notes that the kiwi is struggling under the weight of softer global sentiment but economists at ANZ Bank think that could all change tomorrow if the Reserve Bank of New Zealand (RBNZ) delivers an upbeat MPS.
“It’s difficult to pinpoint the exact catalyst, but the going seemed to get tougher for the kiwi following weaker Chinese data yesterday.”
“The next few days are all likely to be about the RBNZ. We’ve discussed this at length – a hike is coming – it’s just a question of how big, and how many are projected to follow it. That will in turn put carry back on the table for the NZD, and it’s this that could suddenly be the focus, not just for spot markets, but for bond investors too. Buckle in for the ride.”
“Support 0.6760/0.6900 Resistance 0.7100/0.7170.”
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