NZ Dollar Falls After RBNZ Holds Rate Steady; Signals No Imminent Rate Change
09 Mayo 2018 - 10:19PM
RTTF2
The New Zealand dollar lost ground against its major opponents
in the Asian session on Thursday, as the Reserve Bank of New
Zealand kept its Official Cash Rate unchanged at a record low for
the 10th straight meeting and said the direction of the next move
is equally balanced and could be up or down.
The RBNZ left interest rates unchanged at 1.75 percent. The
decision was in line with expectations.
The global economy has continued to improve in recent months,
RBNZ Governor Graeme Wheeler noted.
The central bank said it expects to keep the OCR at "this
expansionary level for a considerable period of time."
The direction of the next move is finely balanced, which could
be either up or down, the bank said.
Meanwhile, Asian stock markets rose, with energy stocks leading
the surge as oil extended rally to reach 3-1/2-year highs on supply
worries.
The kiwi slipped to a 10-day low of 1.7181 against the euro and
a 2-1/2-month low of 1.0811 against the aussie, off its early highs
of 1.6977 and 1.0681, respectively. The kiwi is likely to find
support around 1.73 against the euro and 1.09 against the
aussie.
Reversing from its early highs of 0.6980 against the greenback
and 76.57 against the yen, the kiwi declined to a 5-month low of
0.6903 and near a 2-month low of 75.82, respectively. The next
possible support for the kiwi is seen around 0.68 against the
greenback and 74.00 against the yen.
Looking ahead, U.K. construction output, industrial production
and trade data for March are due in the European session.
At 7:00 am ET, the Bank of England announces decision on
interest rate. Economists expect the central bank to keep interest
rate at 0.50 percent and asset purchase program at GBP 435
billion.
In the New York session, Canada new housing price index for
March, U.S. CPI for April, weekly jobless claims for the week ended
May 5 and monthly budget statement are scheduled for release.
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