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- NZD/USD loses traction above the mid-0.6000s, investors await RBNZ rate decision
NZD/USD loses traction above the mid-0.6000s, investors await RBNZ rate decision
- NZD/USD loses momentum above the mid-0.6000s on Monday.
- Reserve Bank of New Zealand (RBNZ) is anticipated to hold the Offical Cash Rate (OCR) at 5.50% on Wednesday.
- US S&P Global Manufacturing PMI dropped to 49.4 vs. 50.0 prior, below the market consensus.
- RBNZ interest rate decision and US Gross Domestic Product (GDP) data will be the highlights this week.
The NZD/USD pair snaps the two-day winning streak during the Asian trading hours on Monday. Investors await the Reserve Bank of New Zealand (RBNZ) monetary policy meeting on Wednesday, which is likely to keep the Official Cash Rate (OCR) at 5.50%. The pair currently trades near 0.6063, down 0.38% on the day.
Given that inflation has stabilized but not fallen enough, the markets expect the interest rates to remain unchanged at 5.50% at its November meeting. On Friday, New Zealand’s Retail Sales for the third quarter (Q3) came in at 0% QoQ from a 0.9% fall in the previous reading, better than the market expectation of a 0.8% drop. Additionally, Retail Sales ex Autos in the same period improved to 1.0% QoQ versus -1.6% prior, above the consensus of -1.5%.
Furthermore, the hope for a Chinese stimulus plan to support the property sector has boosted the confidence of investors. Positive development might boost the China-proxy New Zealand Dollar (NZD) and act as a tailwind for the NZD/USD pair.
On the other hand, the US S&P Global Manufacturing PMI decreased to 49.4 from 50.0, below the market forecast of 49.8, while the Services PMI rose to 50.8 from 50.6 the previous month, above the market expectation of 50.4. Finally, the Composite PMI remained stable in November at 50.7.
Market players will monitor the RBNZ interest rate decision on Wednesday. Also, the US Gross Domestic Product (GDP) Annualized for the third quarter (Q3) and the Personal Consumption Expenditure (PCE) inflation will be released on Wednesday and Thursday, respectively. Traders will take cues from these figures and find trading opportunities around the NZD/USD pair.
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