- Analytics
- News and Tools
- Market News
- NZD/USD rallies over 1% to recapture 0.6450 amid notable USD supply
NZD/USD rallies over 1% to recapture 0.6450 amid notable USD supply
- NZD/USD extends the previous gains as USD remains heavy.
- RBNZ is on track to hike OCR by 50 bps at its May policy meeting.
- Mixed Chinese headlines limit NZD bulls as traders turn cautious.
NZD/USD is sitting at three-week highs of 0.6467, having entered a consolidative mode heading into the European open.
The rally in the kiwi pair could be linked to a combination of factors, as we step into the Reserve Bank of New Zealand (RBNZ) policy meeting week.
NZD bulls remain hopeful amid expectations of a 50 bps rate hike due to be delivered by the RBNZ this Wednesday. The latest report released by the New Zealand Institute of Economic Research (NZIER) revealed, “the majority view amongst Shadow Board members was that the Official Cash Rate (OCR) should be increased by 50 basis points at the May meeting.”
The major also derived its strength from the broad-based US dollar decline, as investors continued cutting their bullish bets on the buck, extending the overdue correction from two-decade highs.
Further, the regime changes in Australia, with the Labor Party-led government now in power, also fuelled optimism around the Antipodeans. Meanwhile, New Zealand PM Jacinda Ardern is reported to lead a trade delegation to the US this week.
more to come ...
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
