NZD/USD could have the legs to push onto resistance at 0.63 – ING
|The New Zealand Dollar liked what it heard from the Reserve Bank of New Zealand (RBNZ) and rallied after the Monetary Policy Statement (MPS). Economists at ING analyze Kiwi’s outlook.
New Zealand bucks the dovish trend
While keeping its Official Cash Rate (OCR) unchanged at 5.50%, the RBNZ did buck the globally dovish trend of central bankers by raising its forecast profile by 40-50 bps over the next three years.
We are positive on NZD/USD into next year – largely on the turn in the US Dollar story. But a more hawkish than expected RBNZ can't hurt either.
Let's see whether NZD/USD has the legs to push onto resistance at 0.63 in early December.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.