November 23: Heaven for Day Traders
This Wednesday will be heaven for day traders. A considerable number of events will make the market volatile. Don't miss it!
Will the RBNZ send the kiwi to the skies?
What will happen?
The Reserve Bank of New Zealand will conduct a meeting on May 26, at 05:00 MT time. During this event, policymakers will discuss the effectiveness of a current monetary policy and possible adjustments to it. Based on their conclusions, they will publish a monetary policy statement – a document that will contain economic forecasts and possible changes to the bank's interest rate. As the regulator keeps the official cash rate at the record low of 0.25%, the main question for traders is when the bank plans to hike it? According to ANZ, a famous Australian multinational banking and financial services company, the RBNZ may go hawkish as soon as August 2022. Additionally, the forecasts for GDP, employment, and inflation are expected to be revised up. At the same time, analysts don't see any sign of changes to the quantitative easing program.
How to trade on the RBNZ Interest Rate Decision?
The markets will likely react to any change in the tone of the bank.
- If the RBNZ is less dovish than usual, the NZD will strengthen;
- On the other hand, negative forecasts and cautiousness around recovery will make the NZD weaker.
Instruments to trade: NZD/USD, NZD/JPY, AUD/NZD
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