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On Wednesday, the New Zealand dollar went down over 1.5% versus the evergreen buck in Asia right after the Reserve Bank of New Zealand suddenly told that the next move in rates will probably be a cut.
As a matter of fact, the currency pair NZD/USD hit 0.6796, decreasing by 1.55%.
The dive in the New Zealand dollar came after the country’s major bank kept the interest rate at 1.75%, although added that the next rate move will most likely be a cut.
Following the New Zealand key financial institution’s sudden change in its stance on interest rates, market experts from ANZ told that the RBNZ will probably have rates cut in November in 2019, while an earlier rate trim is also real.
Besides this, the USD index gauging the greenback’s purchasing power versus its primary peers jumped by about 0.2% showing 96.393.
An inversion of the American yield curve affected investor sentiment and was generally interpreted as the key driver for a steep stock selloff as well as a headwind for the evergreen buck late the previous week.
High-level statesmen from China and America, including top trade negotiator Robert Lighthizer as well as Treasury Secretary Steven Mnuchin, are braced for another round of trade negotiations later this week in China.
Aside from that, the currency pair USD/CNY stood still sticking with 6.7148 because data revealed that a profit of large Chinese industrial companies sank by 14% year-on-year hitting 708.01 billion Yuan in the January-February period, which appears to be the fastest tempo since 2011.
Additionally, the currency pair GBP/USD went down by 0.1% trading at 1.3189.
As for the currency pair USD/JPY, it stood still demonstrating an outcome of 110.62.
Last week several important economic updates influenced the Forex market. US preliminary GDP fell less than expected (0.6% actual vs. 0.7% forecast). Below you will find the key events to trade on during the week from August 29 to September 2.
Have a look at the key financial instruments on Monday, February 28. Geopolitics is currently on all news frontlines. Western nations escalated sanctions on Russia for the invasion of Ukraine.
The Reserve Bank of New Zealand will reveal the official cash rate, monetary policy statement, make a rate statement, and after that will answer questions in a press conference on February 23, 03:00 GMT+2.
As Europe moves into recession, next week may provide us with some amazing trading opportunities. Here they are!
Main news that will drive the market in the upcoming week include CB Consumer Confidence Index, Canadian GDP, and US Core PCE Price Index
The Federal Reserve (Fed) will announce its Interest Rate Decision and make a statement about the future monetary policy on Wednesday, September 21, GMT+3. After the higher-than-expected inflation numbers published on September 13, there’s almost no doubt the Federal Reserve will come up with another 75-basis-point rate hike. However, surprised by the CPI numbers, several Fed members announced the possibility of a 100-basis-point rate hike on Wednesday.
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