New Zealand Bank expected to slash rates by 1%

8:00 GMT

We have two rate decision meetings today,
The first, at 19:15 GMT is the Fed’s official rate statement. The market is not expecting any change in the 0.25% rate level of the U.S dollar, since interest rate on the dollar is already edging towards zero levels.

On 20:00 GMT the RBNZ ( Royal Bank of New Zealand ) will most likely announce a rate cut of 1% (from the current 5.00% to a 4.00%), although there are some market participants who are expecting a more aggressive cut.

The NZDUSD is currently trading around a strong support level  0.5300.

EURUSD short term view: Yesterday the pair advanced up until its first resistance level around 1.3307 (mentioned on yesterday’s post) , then retraced back to 1.3120. However, this morning the euro shows some renewed power – and might challenge that resistance level once again sooner or later on the today.

Z.Georgi

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