NZ Dollar Rises Ahead Of RBNZ Rate Decision
13 Agosto 2024 - 5:37AM
RTTF2
The New Zealand dollar strengthened against other major
currencies in the Asian session on Tuesday, as traders bet on a
diminishing possibility of the Reserve Bank of New Zealand's rate
cut in its August meeting due Wednesday.
The Reserve Bank of New Zealand (RBNZ) will announce its
interest rate decision at its monetary policy meeting on Wednesday.
The central bank expects the official cash rate to remain unchanged
at 5.5 percent.
Investors await a slew of U.S. economic data for additional
clues on the Federal Reserve's policy outlook. There remains
optimism about an interest rate cut by the U.S. Fed in
September.
Crude oil prices rose sharply, as possibility of disruptions in
supply due to escalating tensions in the Middle East outweighed
OPEC's monthly report that lowered the demand forecast for 2024.
West Texas Intermediate Crude oil futures for September ended up
$3.22 or about 4.2 percent at $80.06 a barrel.
In the Asian trading today, the NZ dollar rose to nearly a
4-week high of 0.6038 against the U.S. dollar and a 5-day high of
1.0921 against the Australian dollar, from yesterday's closing
quotes of 0.6022 and 1.0934, respectively. If the kiwi extends its
uptrend, it is likely to find resistance around 0.61 against the
greenback and 1.07 against the aussie.
Against the euro and the NZ dollar, the kiwi edged up to 1.8112
and 89.25 from Monday's closing quotes of 1.8159 and 88.55,
respectively. The kiwi may test resistance around 1.78 against the
euro and 93.00 against the kiwi.
Looking ahead, Germany's ZEW economic sentiment survey results
for August are due to be released in the European session at 5:00
am ET.
In the New York session, U.S. PPI for July, U.S. Redbook report
and U.S. NFIB business optimism index for July are slated for
release.
Grafico Cross NZD vs Yen (FX:NZDJPY)
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Grafico Cross NZD vs Yen (FX:NZDJPY)
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