0.589
Today
+0.01%
5 Days
-1.12%
1 Month
+0.01%
6 Months
-1.61%
Year to Date
+2.33%
1 Year
+0.12%
Opening Price
0.589Previous Closing Price
0.589The Reserve Bank of New Zealand (RBNZ) is on track to deliver a follow-through interest rate hike, raising the Official Cash Rate (OCR) by another 25 basis points (bps) from 2.50% to 2.75% on Wednesday.
NZD/USD trades around 0.5900 on Tuesday at the time of writing, down 0.24% on the day. The New Zealand Dollar (NZD) remains under pressure against the US Dollar (USD), which holds onto modest gains despite the release of mixed United States (US) economic data.
The New Zealand Dollar (NZD) is down 0.35%, marginally below 0.5900 against the US Dollar (USD) during the European trading session on Tuesday.
ING’s Francesco Pesole expects the Reserve Bank of New Zealand to raise rates by 25bp to 2.75%, with markets fully pricing the move. He argues that current market pricing for further tightening looks too hawkish unless the RBNZ lifts its rate path significantly.
The NZD/USD pair attracts some sellers following a modest intraday uptick to the 0.5930 region and languishes near the lower end of its daily range during the early European session on Tuesday.
NZD/USD depreciates after posting minor gains in the previous day, trading around 0.5910 during the Asian hours on Tuesday.
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The downside prevails as long as 0.5923 is resistance, with 0.5885 and 0.5874 as targets
above 0.5923, look for 0.5941 and 0.5952.
The downside prevails as long as 0.5923 is resistance, with 0.5885 and 0.5874 as targets
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