Tatsiana Ketrar
The Reserve Bank of New Zealand held another meeting on March 10th. As usual, the meeting is dedicated to the central bank’s monetary policy. Most experts out there expect the central bank to keep the key interest rate unchanged at 2.5%.
According to the results of the recent survey conducted by Reuters, most of the respondents interviewed by the agency anticipate that same thing – the bank is not going to raise the rate this time anyways. There is no point in doing so for now, they say. More specifically, 17 of 21 experts interviewed by Reuters say that the central bank is going to leave the rate unchanged at 2.5%, which is what other representatives of the international expert community expect.
Still, we should keep in mind the fact that the likelihood of an interest rate hike increased slightly after the Reserve Bank of New Zealand’s announcement that the central bankers are determined to start implementing some steps related to an easy monetary policy if if hey have to do it.
FOREX
In the meantime, the New Zealand Dollar is showing sings of completing its long-term downtrend against the U.S. Dollar, Masterforex-V Academy reports. NZDUSD is currently unfolding a bullish move represented by wave A/B of wave level Weekly or even higher.
In particular, the price is currently moving inside wave a(C )/C of the mentioned rally. With that being said, the closest level of resistance can be found at such levels as 0.6881/96 as well as 0.7056, 0.7154, 0.7219. Alternatively, the rally is going to be complete as soon as the price breaks and consolidates below MF pivot 0.6543 and the bottom of the ascending MF sloping channel.
Tatsiana Ketrar
