Reserve Bank of New Zealand (RBNZ) will reveal Official Cash Rate and make a statement about monetary policy on October 6, 04:00 GMT+3.
Rate cut by the RBNZ pulled the kiwi down
During the early Asian trading hours, the Reserve bank of New Zealand surprisingly cut its interest rate from 1.75% to 1.5%. According to the words by the RBNZ Governor Adrian Orr, the bank is currently uncertain about the future path of the interest rates. One of the main reasons behind these uncertainties lie in the US-China trade war and lower figures for business sentiment and consumer spending.
The kiwi plunged below the weekly pivot support at 0.6565 towards the next support at 0.6524. If bearish pressure continues, the next support will lie at 0.65. On the flipside, if the kiwi manages to recover, it will rise above the weekly pivot level at 0.6603. The next resistance is placed at 0.6644.
The main bank of Russian will likely turn hawkish today. Time to sell USD/RUB?
The New Zealand interest rate is announced on Wednesday at 03:00 MT time.
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.