US Retail Sales will be out on October 15 at 15:30 MetaTrader time (GMT+3).
Can you trade the NZD on the interest rate release?
The RBNZ releases its interest rate and gives a press conference at 03:00 MT time on Wednesday.
Instruments to trade: NZD/USD, AUD/NZD, NZD/JPY
The last release of the interest rate by the Reserve Bank of New Zealand was quite a surprise. The market was expecting to see a 0.25 rate cut, but the bank informed that there was no need for that and kept the rate at 1%.
The rate was at 1.75% throughout 2018, then after two cuts in 2019, it came to 1%, where it is now. When the RBNZ went against forecasts on November 13, the NZD got a big boost.
It rose by approximately 80 pips against the USD, consequently getting out of the sideways movement and entering an upswing, which lasted until the beginning of January.
Hence, the NZD may receive another push upwards from the bank, as long as the latter sees the economy strong enough to keep the rate at the present level. At the same time, things have changes since November, with the coronavirus and everything, so be attentive and manage the risks.
- If the RBNZ is hawkish, the NZD will rise.
- If the RBNZ is dovish, the NZD will drop.
Australia will release employment change and an unemployment rate on Thursday, October 14, at 03:30 MT (GMT+3).
The crypto market keeps recovering. Bitcoin has broken above $57,000. The way up to $60,000 is open now!
Great Britain will publish the Inflation Rate on October 20, at 09:00 MT time (GMT+3).
The bullish movement in the stock market is gaining speed, and Bitcoin ETFs are closer than they might seem. What do we need to know for the next trading week?
The Fed is ready to start tapering in November. Since the markets were expecting this and it wasn’t a surprise, the USD slumped allowing risk-on currencies and gold to rally up.