The Reserve Bank of New Zealand made announcements regarding its monetary policy. The NZD/USD dropped.
Is there any hope for the kiwi?
The Reserve bank of New Zealand will make its rate statement and publish its official interest rate on March 27, at 3:00 MT time. The bank is not going to make any changes to its interest rate, but we need to pay attention to the tone of the statement. During the February's meeting, the RBNZ Governor Adrian Orr said that the current interest rate would be kept at the current level through 2019 and 2020. Despite this dovish statement, he sounded optimistic about the economic outlook. As a result, the kiwi was boosted. Will it happen this time?
• If the RBNZ is positive, the NZD will rise;
• If the RBNZ is negative, the NZD will fall.
The market has started the week with a mixed sentiment…
The US NFP will be published on August 7 at 15:30 MT time.
The market sentiment is indeed risk-on today. Stocks, riskier currencies and gold are rising amid the waning US dollar.