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Forex News: NZ Dollar Lower Despite RBNZ Rate Hike

NZ Dollar Lower Despite RBNZ Rate Hike

11/24/2021 - 02:58:00 (RTTNews)

(RTTNews) - The NZ dollar dropped against its major counterparts in the Asian session on Wednesday, as the Reserve Bank of New Zealand refrained from an aggressive rate hike to tone down inflation.

The RBNZ raised its Official Cash Rate by 25 basis points to 0.75 percent from 0.50 percent, as expected.

The decision disappointed traders who had predicted a 50-basis-point hike.

The level of global economic activity continues to rise, supported by accommodative monetary and fiscal policy settings, and the relaxation of COVID-19 health-restrictions, the bank said. The pace of global economic growth has ebbed however, due to the elevated uncertainty created by the persistent COVID-19 virus.

Asian markets were mostly lower as investors weighed prospects for growth amid rising inflation and a faster normalization of monetary policy.

Investor focus on a slew of U.S. data due later in the day, which includes jobless claims, consumer spending and GDP. The minutes from the U.S. Federal Reserve's recent policy meeting will be closely watched for any indications about stepping up the pace of the Fed tapering.

Oil prices steadied as the U.S. plan to release oil from its strategic reserves, along with other consumer nations, failed to ease prices.

The kiwi fell to 0.6896 against the greenback, its lowest level since October 6. The kiwi may locate support around the 0.66 level.

The kiwi touched near a 6-week low of 79.25 against the yen, down from a 2-day high of 80.16 seen at 8 pm ET. Should the currency falls further, it is likely to test support around the 78.00 region.

The kiwi was down against the euro, at nearly a 2-week low of 1.6298. On the downside, 1.65 is possibly seen as its next support level.

The kiwi touched a 1-week low of 1.0447 against the aussie, down from yesterday's close of 1.0391. The kiwi is seen finding support around the 1.06 level.

Looking ahead, German Ifo business sentiment index and Swiss economic sentiment index for November are due in the European session.

U.S. durable goods orders, personal income and spending data, new home sales, wholesale inventories and advance goods trade balance, all for October, GDP data for the third quarter, weekly jobless claims for the week ended November 20 and University of Michigan's final consumer sentiment index for November will be released in the New York session.

The Fed minutes from the November 2-3 meeting are set for release at 2:00 pm ET.

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