The RBNZ has a very busy evening tonight, and the Kiwi has gained on the US Dollar throughout today’s trading session in anticipation of the Interest Rate decision tonight by the RBNZ.
The likelihood of an interest rate hike this evening is looking unlikely according to analysts, but the rate decision along with a Monetary Policy Statement and Press Conference is likely to have an effect on the Kiwi’s value, especially if any indications regarding monetary policy moving forward are announced tonight.
Leading up to tonight’s announcements we’ve seen a lot of strength in the New Zealand Dollar, with the currency hitting a 10 month high against the pound on February the 28th. I think for as long as Australia continues to show a recovery we can expect New Zealand to benefit as they are close trade partners, additionally whilst China isn’t dominating the headlines for the wrong reasons, we shouldn’t see the NZD affected negatively due to the close proximity with China.
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