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Forex News: NZ Dollar Trades Higher After RBNZ Holds Rates;

NZ Dollar Trades Higher After RBNZ Holds Rates; Hints At More Easing

06/26/2019 - 03:18:00 (RTTNews)

(RTTNews) - The NZ dollar traded higher against its major opponents in the Asian session on Wednesday, after the New Zealand central bank left its key interest rate unchanged at a record low and indicated about further easing given subdued domestic growth.

The Monetary Policy Committee of Reserve Bank of New Zealand maintained the official cash rate at 1.50 percent. The decision came in line with expectations.

"Given the downside risks around the employment and inflation outlook, a lower OCR may be needed," the bank said in a statement.

The bank expects low interest rate together with increased government spending to lift economic growth and employment. Inflation is forecast to climb to the 2 percent mid-point of the target range.

Meanwhile, caution prevailed after Federal Reserve Chairman Jerome Powell did not appear to signal the imminent interest rate cut currently being priced in by the markets.

The NZ dollar appreciated to near a 3-month high of 1.0460 against the aussie, following a decline to a 2-day low of 1.0538 soon after the decision. The next possible resistance for the kiwi is seen around the 1.03 level.

After falling to a 2-day low of 0.6595 against the greenback at 10:00 pm ET, the kiwi reversed direction and approached near a 2-week high of 0.6662. If the kiwi rises further, it may locate resistance around the 0.68 level.

The kiwi strengthened to a new 2-week high of 71.59 against the yen, reversing from a 2-day low of 70.81 hit immediately following the announcement. On the upside, 73.00 is likely seen as the next resistance for the kiwi.

The kiwi firmed to 1.7047 against the euro, its biggest since June 10. This follows a low of 1.7216 touched in the immediate aftermath of the decision. The kiwi is likely to target resistance around the 1.67 mark.

Looking ahead, U.K. mortgage approvals for May are due in the European session.

Bank of England Governor Mark Carney, along with policymakers namely Jon Cunliffe, Silvana Tenreyro and Michael Saunders will testify on inflation and the economic outlook before Parliament's Treasury Committee at 5:15 am ET.

In the New York session, U.S. durable goods orders, advance goods trade data and wholesale inventories, all for May, are scheduled for release.

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