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The RBNZ is up this week!

Can Kiwi bulls maintain their momentum with this week’s catalysts?

Check out our list for the next couple of days!

RBNZ’s policy statement (May 13, 2:00 am GMT)

  • Reserve Bank of New Zealand (RBNZ) cut its rates by a surprising 75 basis points to 0.25% and hinted at an asset purchasing program “if needed” in March
  • NZD fell at the news but found support from bombshells announced by BOJ, RBA, and the Fed in the same trading session
  • No interest rate changes expected this month, though RBNZ could double its QE program from $30B to $60B and pledge to keep its rates low until March 2021

Business-related reports

  • RBNZ considers business surveys in its policy decisions so you should too
  • ANZ business confidence (May 11, 1:00 am GMT) was “slightly less bleak” in April
  • Business NZ manufacturing index (May 14, 10:30 pm GMT) expanded from 49.8 to 53.2 in February

Market sentiment

  • Progress on New Zealand “reopening” its economy can continue to provide support for NZD
  • Top-tier reports from major economies (U.S.’ CPI and retail sales, U.K.’s GDP) and trading partners (Australia’s jobs data) can affect NZD’s intraweek trends

Technical snapshot

  • Stochastic considers NZD as “overbought” against EUR, GBP, and CHF on the daily time frame
NZD Forex Pairs Stochastic from MarketMilk
NZD Forex Pairs Stochastic from MarketMilk
  • NZD is still bearish against AUD on the daily
  • NZD is straight up bullish against CAD
  • Watch out for bullish reversals against EUR, GBP, CHF, JPY, and USD
NZD Forex Pairs Daily Trends from MarketMilk
NZD Forex Pairs Daily Trends from MarketMilk

Missed last week’s price action? Read NZD’s price recap for May 4 – 8!