NZD/USD on higher levels ahead of RBNZ decision

Written by Miroslav Marinov

Miroslav Marinov, a financial news editor at TradingPedia, is engaged with observing and reporting on the tendencies in the Foreign Exchange Market, as currently his focus is set on the major currencies of eight developed nations worldwide.

, | Updated: October 30, 2024

New Zealand dollar was higher versus its US counterpart on Wednesday ahead of Reserve Bank of New Zealands statement on monetary policy.

NZD/USD pair hit 0.7940 during early European trade, highest since June 7th, after which consolidation followed at 0.7929. Support was expected at June 10th low, 0.7836, while resistance was to be encountered at June 7th high, 0.8016.

Official data showed that house price inflation in New Zealand rose by 0.7% during May, slightly below the change during the preceding month, a 0.8% increase. Later today the Reserve Bank of New Zealand was expected to announce its benchmark interest rate and publish its rate statement.

Additionally, market sentiment was dominated by Germanys Finance Minister Wolfgang Schauble position in favor of European Central Bank’s bond purchasing actions at a hearing in Germany’s constitutional court on Tuesday.

Meanwhile, markets remained alert on speculation whether the Federal Reserve Bank will begin to taper its easing program in the future months.

New Zealand dollar showed stability against its Australian counterpart, with AUD/NZD pair slightly up to 1.1982.

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