NZD/USD: RBNZ fails to strengthen kiwi, 0.70 proves to be a stubborn resistance – MUFG NZDUSD RBNZ Banks Commodities
rate initially hit an intra-day high of 0.6902 just after it was announced that the Reserve Bank of New Zealand decided to deliver a larger 50bps hike lifting the key policy rate to 1.50%. However, the kiwi has since given back all of those initial gains. Economists at MUFG Bank note that the 0.70 level is proving to be a tough nut to crack.
“With RBNZ rate hike expectations well priced in, the NZD/USD will rely more on rising commodity prices to strengthen further.”Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions.
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