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NZD: New Zealand Dollar stands still today
At the Forex currency market the New Zealand Dollar rate stands still on Thursday despite the decision made by the RBNZ that the interest rate would be kept at the current level and positive statistics of the neighboring Australia.
Forex forecast: MACD indicator is in the negative area for the pair NZD/USD and it goes down, confirming a previous sell signal for the pair. Stochastic Oscillator is giving a similar signal today, being in the neutral zone.
Forex recommendations: in case of breakdown at the level of 0.7460 the pair will go to 0.7425 and 0.7400. Otherwise consolidation at the current levels will continue for the NZD/USD.
Thus,at the last meeting of the Reserve Bank of New Zealand the decision was made to keep the interest rate unchanged at the level of 3.0% per annum. The decision as a whole agreed with the market expectations, however further comments did not make investors happy.
The regulator noted that the rate of the monetary policy tightening is expected to be moderate in the next two years, as the earthquake which happened in the country recently (it was the strongest in the last 80 years) has significantly impacted the state of the national economy.
According to the head of the RBNZ Mr. Bollard: “The most reasonable at the moment will be to keep rates low until the moment when economic recovery becomes steadier and inflationary pressures will start to demonstrate sings of consolidation. In the next two years interest rate will rise in a more moderate pace than it had been expected earlier”.
It became known earlier that unemployment rate in New Zealand decreased to 6.4% in QIII against the previous level of 6.7% in QII. At the same time the change in the employment rate in QIII amounted to +1% against expectations of +0.5%.
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