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Aug 11 - 09:55 PM

NZD/USD - RBNZ Expected To Keep OCR On Hold But Remain Dovish

By John Noonan  —  Aug 11 - 06:50 PM
  • The RBNZ is widely expected to keep the OCR at 0.25% when they decide today

  • Most expect RBNZ to expand the QE programme from NZ$60 bln to NZ$80 bln

  • Statement expected to be dovish and promise more easing action if needed

  • NZD/USD may ease if the LSAP is expanded and tone is extremely dovish

  • Due to dovish expectations baked in, the move lower may be short-lived

  • If RBNZ leaves LSAP unchanged, as WestPac believes, the NZD likely to firm

  • Support is at the 55-day MA at 0.6523, which has held since May 18

  • Resistance is found around 0.6625 where the 10 and 21-day MAs converge

  • For more click on FXBUZ

Refinitiv IFR Research/Market Commentary


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