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June 28, 2018

IronFX, Daily Report: NZD weakens and USD gains amidst confusion

Check out the daily Technical and Fundamental analysis of the day.

This article is originally referred from IronFX News.

RBNZ remains on hold, NZD weakens

  • RBNZ remained on hold at +1.75% and market reaction was rather muted upon release as the decision was widely expected.
  • The accompanying statement had a neutral to dovish tone with main elements being the preservation of an accommodating monetary policy, the acknowledgement of increased trade tensions and the comment about a weaker GDP growth rate.
  • Analysts point out, that probabilities for the bank’s next move to be a rate cut have risen, adding to the bearish sentiment.
  • We could see the Kiwi weakening in the aftermath of the decision given the accommodating monetary policy preservation.

USD gains amidst confusion

  • USD gained yesterday amidst confusion regarding the US-Sino trade war issue.
  • The confusion was provided by statements by a number of officials, as no clear path was given for new US regulations regarding acquisitions of US high tech companies by foreign investors.
  • However, the opinion that some kind of control over foreign investments in the US will be imposed, seems almost certain.
  • The USD seems to be taking advantage of the confusion and should there be little to no negative headlines we could see it strengthening even further.

IronFX Daily Report ‘June 28th’

Original Source: IronFX News

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