The RBNZ is widely expected to hold the Official Cash Rate at 3.25% this Wednesday.
NZIER’s Shadow Board advises against a cut, noting the economy remains weak but inflation pressures are mixed. Markets see just a 10–15% chance of a cut this week but still price for further easing by October.
NZD/USD has pulled back sharply from 0.6100, with price now possibly consolidating around 0.6000. This area coincides with a key support-turned-resistance level that capped price action in mid-June.
If the pair breaks below 0.5980, the next support sits near 0.5935 – a level that triggered a strong bounce on June 21. A break below that could open the way toward 0.5900 and 0.5860.
On the upside, if the 0.6000 handle holds, short-term resistance lies at 0.6030, with stronger pressure at 0.6065.
NZIER’s Shadow Board advises against a cut, noting the economy remains weak but inflation pressures are mixed. Markets see just a 10–15% chance of a cut this week but still price for further easing by October.
NZD/USD has pulled back sharply from 0.6100, with price now possibly consolidating around 0.6000. This area coincides with a key support-turned-resistance level that capped price action in mid-June.
If the pair breaks below 0.5980, the next support sits near 0.5935 – a level that triggered a strong bounce on June 21. A break below that could open the way toward 0.5900 and 0.5860.
On the upside, if the 0.6000 handle holds, short-term resistance lies at 0.6030, with stronger pressure at 0.6065.
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Economic Calendar:
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blackbull.com/en/economic-calendar/?utm_source=tradingview
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blackbull.com/en/platforms/tradingview/?utm_source=tradingview
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.