Mon, February 06, 2023

NZD USD Lives Another Day Due to RBA News

Wibest – NZD USD: New Zealand dollar bills.

The NZD USD exchange rate steadies in today’s trading as news from the Reserve Bank of New Zealand revives the kiwi. Today the RBNZ announced that it will maintain the current rates at a record-low of 1%.

As expected, the Reserve Bank of New Zealand said that there is scope for more fiscal and monetary stimulus. The bank believes that the current rates are enough to support the New Zealand economy from the damages of global trade and demand pressures.

The NZD USD exchange pair traded flat as it barely moved up by 0.03% or 0.0002 points in Wednesday’s trading. The NZD USD pair currently trades for 0.6323 in sessions, a slight edge against its previous close of $0.6321.

The NZD USD pair has also reached as low as $0.6304 and has rallied up to $0.6349 in today’s session.

The RBNZ gave little clues whether it would ass to its latest rate cuts before the year ends. Although the bank also left speculation for more easing as the US-China trade war keeps global recession risks high.

In a statement, the Reserve Bank of New Zealand said that its Monetary Policy Committee agreed on the decision. The RBNZD added that global long-term rates are also remaining at record lows, suggesting that it will keep it that way for now.

Kiwi Rally

Wibest – NZD USD: New Zealand dollar notes and coins.

The news from the Reserve Bank of New Zealand caused the kiwi to rally against other major currencies in sessions. Despite the steady run of the NZD USD trading pair, the NZD gained against the GBP, EUR, and CAD in today’s trading.

The NZD CAD trading pair went up by 0.22% or 0.0019 points, trading for CA$0.8389 in sessions. The pair previously closed at CA$0.8370 and has reached levels from CA$0.8355 to CA$0.8416 today.

Meanwhile, the Euro to New Zealand dollar exchange rate dipped 0.13% or 0.0024 points in sessions. The pair now exchanges for NZ$1.7393, lower than its last close of NZ$1.7417.

And the GBP NZD trading pair also went down by 0.14% or 0.0027, trading for NZ$1.9714 in Wednesday’s sessions. The pair have also reached levels from NZ$1.9644 to NZ$1.9783 today.



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