The New Zealand Dollar outperformed its developed world rivals Wednesday after Reserve Bank of New Zealand (RBNZ) Governor Adrian Orr said little in the bank's latest policy statement to suggest that a further interest rate cut is imminent, disappointing those who'd bet the bank would cut again so soon after the May meeting.
The New Zealand Dollar was trading higher against a weakened Dollar and Pound Sterling Tuesday, ahead of the latest interest rate decision from the Reserve Bank of New Zealand (RBNZ), but analysts at TD Securities say the Kiwi could be in for a rude awakening in the early hours.
The GBP/NZD exchange rate is trading at 1.9304 at the time of writing, little changed from the week before. Studies of the charts suggest that the exchange rate is likely to trade with a mildly bullish bias over the next five days.
The New Zealand Dollar rose sharply against the U.S. Dollar, Pound Sterling and Japanese Yen Thursday after the Federal Reserve admitted it might cut American interest rates before the year is out, but analysts HSBC say steep losses are lurking just around the corner for the Kiwi currency.
The GBP/NZD exchange rate is trading at 1.9296 at the time of writing, having fallen at the start of the new week amidst a broad-based Pound Sterling sell-off. However, studies of the charts suggest that the exchange rate will probably continue rising over the next five days as recent declines are not yet great enough to damage a constructive short-term technical setup.
The New Zealan Dollar is still carrying a 2019 loss against the U.S. Dollar and Pound Sterling but the Kiwi currency might find support over the coming weeks if some analysts at Standard Chartered are right in their forecasts for the economy and central bank.
The GBP/NZD exchange rate is trading at around 1.9109 at the start of the new week, after falling over a percentage point in the week before. Studies of the charts suggest that the exchange rate is set to fall marginally before plateauing in the next five days.