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We could see some volatility in NZD pairs later in the Asian session around what is probably the most important and market-moving event of the month: the RBNZ’s monetary policy decision and subsequent statement.
Here’s a look at what’s going on in the markets and what we might expect for the event.
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Schedule and Consensus
The interest rate decision is expected at 02:00 on Wednesday CET (or 20:00 on Tuesday EST), but the broadest consensus is that the bank will keep rates steady at 1.75%.
Where we’re likely to see change is an hour later when Governor Orr holds a scheduled press conference. The Governor is expected to give a more dovish outlook for the currency, something in line with what we saw from Australia last week.
There are even some analysts who are speculating that the RBNZ might try to outdo the RBA in a swing towards a softer stance....
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