The New Zealand Bank reserve (RBNZ) cut the OCR at 25 basic points up to 3.25%, aligning with market expectations. However, the tone of the meeting suggests a change of a moderate position. The key MPC points include a 5-1 vote in favor of the cut, which contrasts with the expectation of the market of a unanimous decision. The pair was last at 0.5968 levels, the FX analysts of OCCBC, Frances Cheung and Christopher Wong point out.
The daily impulse is flat
“The updated RBNZ projections indicate an average ocr of 2.9% by the end of the year. The chief economist Conway emphasized that the rates are close to a neutral level, while Governor Hawkesby expressed caution on future fees adjustments, commenting ‘we have done a lot of work’.”
“This suggests that the RBNZ is no longer committed to a predetermined relaxation trajectory, and future movements will probably depend on incoming economic data. We anticipate the possibility of another 25 basic points cut to 3.0% in the third quarter, potentially in August. It is important NZD. “
“The daily impulse is flat while the RSI fell. A golden crossing with the 50 -day SMA was formed crossing the 200 -day SMA. In the interim, we see risks in both directions, but more widely, the trend is to buy in the fall. Support at 0.5930 (SMA of 21 days), levels of 0.5860 (SMa of 50, 200 days). 0.6060 levels. “
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
