NZD/USD: testing tactical support
The Reserve Bank of New Zealand made announcements regarding its monetary policy. The NZD/USD dropped.
Will the RBA meeting minutes pull the AUD down?
The RBA meeting minutes will be released at 02:30 MT time on November 19.
The minutes of the monetary policy meeting due on November 19 will shed light on the logic behind the recent monetary policy decision announced by the Reserve Bank of Australia. The RBA kept the interest rate at 0.75% on November 5. The policymakers advised that a prolonged period of low rates may be expected due to the risks in the global economic environment and the intention of the RBA to reach full employment. They also stated that the further monetary ease will stay as an option if the situation requires. Therefore, on November 19 we will have more details on the internal discussion and the observations of the RBA officials which lead to the current monetary stance.
- If the RBA meeting minutes reveal a steady rate intention, the AUD will rise;
- If the RBA meeting minutes reveal more openness to a dovish scenario, the AUD will fall.
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