
The New Zealand dollar has been really strong lately. Will it beat the multiyear highs?
2019-11-11 • Updated
NZD/USD has been rising in the last few trading sessions after the earlier breakout of the resistance zone lying between the powerful resistance level 0.7050 (former support level from October) and the 38.2% Fibonacci correction of the previous downward impulse from September. The breakout of this resistance zone accelerated the active impulse waves 3 and (3). NZD/USD is rise further toward the next buy target at the resistance level 0.7200 (target for completion of wave (3)).
The New Zealand dollar has been really strong lately. Will it beat the multiyear highs?
The dollar gains against low-yielding currencies on Wednesday, hitting a five-month high against the yen as US bond yields jumped on the prospects of further economic recovery.
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On Thursday, the 2nd of February, the Bank of England will publish its report concerning interest rates and inflation data for the Eurozone. Professionals and investors anticipate that Andrew Bailey’s lead team of policy makers will likely raise interest rates to 4%; the highest in over a decade, for the tenth time in a row.
The first FOMC meeting comes after a buildup of anticipation from traders and investors alike, as the markets await what posture the Fed will take regarding the interest rates; would there be a hike or a cut in interest rates?
Western countries are trying to find other options for oil and gas supplies after a 10th package of sanctions, which will put more pressure on Russian oil and decrease global oil supply. Italy, for example, is in talks with Libya.
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