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Forex News: NZ Dollar Trades Lower As RBNZ Hints At

NZ Dollar Trades Lower As RBNZ Hints At Rate Cut Possibility

03/27/2019 - 03:02:00 (RTTNews)

(RTTNews) - The New Zealand dollar slipped against its major counterparts in the Asian session on Wednesday, after the Reserve Bank of New Zealand left its key rate unchanged and shifted its neutral stance, flagging the possibility for lowering its cash rate in coming months.

The central bank maintained its official cash rate at a record low of 1.75 percent for the 16th straight meeting.

The decision was in line with expectations.

Given the weaker global economic outlook and reduced momentum in domestic spending, the likely direction of the next OCR move is down, RBNZ Governor Adrian Orr noted.

"We will keep the OCR at an expansionary level for a considerable period to contribute to maximizing sustainable employment and maintaining low and stable inflation," Orr said.

Meanwhile, Asian stock markets were mixed despite the positive cues overnight from Wall Street as lingering worries about global economic growth weighed on investment sentiment. Overnight, long-term U.S. government bond yields pulled back off their best levels following the release of some disappointing U.S. economic data.

The kiwi declined to near a 3-week low of 75.08 against the yen, and held steady thereafter. This follows a high of 76.46 seen at 5:00 pm ET. On the downside, 73.00 is likely seen as the next support for the kiwi.

The kiwi slipped to a 6-day low of 1.6564 against the euro, from an early 2-1/2-year high of 1.6292, and held steady thereafter. The kiwi is seen challenging support around the 1.68 region.

The NZ currency weakened to near a 4-week low of 1.0453 against the aussie and more than a 2-week low of 0.6796 against the greenback, from its previous highs of 1.0309 and 0.6914, respectively. The currency traded sideways against the aussie and the greenback afterwards. Next key support for the kiwi is likely seen around 1.06 against the aussie and 0.66 against the greenback.

Looking ahead, at 4:00 am ET, European Central Bank President Mario Draghi will deliver speech at the ECB and Its Watchers conference in Frankfurt.

In the New York session, U.S. and Canadian trade data for January and U.S. current account data for the fourth quarter are scheduled for release.

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