Trade ideas on May 29
Let’s look at main movements on the market.
Should we expect more easing by the RBNZ?
The Reserve Bank of New Zealand (RBNZ) will publish the monetary policy statement and announce the interest rate at 05:00 MT time on May 13.
Instruments to trade: NZD/USD, NZD/CHF, NZD/JPY
Each quarter, the regulator conducts a meeting where its policymakers discuss current economic stance and forecasts for upcoming quarters. Based on that they reveal tools for supporting an economy of the country in the monetary policy statement, including an update on the interest rate. In the middle of March, the RBNZ cut its interest rate to the record low of 0.25%. Analysts suggest that the global uncertainties and widespread weakness amid the pandemic may push the bank to cut the interest rates to negative levels. Also, we may expect more easing to be introduced this week.
• If the RBNZ eases its policy, the NZD will weaken;
• If the RBNZ keeps the policy unchanged, the NZD will strengthen.
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Trade ideas on May 29
Let’s look at main movements on the market.
EUR: beating the USD so far
Thursday ended with the EUR/USD being high above of local resistance of 1.10. What's the target now?
All attention to AUD: cash rate and RBA statement
The Reserve Bank of Australia will make a statement and release the cash rate on Tuesday, June 2, at 8:30 MT time.
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