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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 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.
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.
The main bank of Russian will likely turn hawkish today. Time to sell USD/RUB?
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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