NZDUSD renews the yearly low near 0.5950 heading into the RBNZ Interest Rate Decision. The Kiwi pair’s latest fall could be linked to the broad risk aversion wave and the US Dollar strength, especially amid downbeat concerns surrounding China.
That said, the clear early signals of witnessing no rate hike limit the NZDUSD moves unless the RBNZ surprises the Kiwi pair traders.
Apart from the interest rates, the economic forecasts and language of the RBNZ Rate Statement will also be the key for the NZDUSD pair traders to watch.
It’s worth noting that the existence of the Fed Minutes dims the importance of today’s RBNZ announcements unless any surprises erupt.
Edited 16 Aug 2023, 14:52
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