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market outlook

NZDJPY Awaits RBNZ catalyst

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The New Zealand dollar has slowed down its advance across the board as the Reserve Bank of New Zealand is scheduled to meet on Wednesday.

The probability that the central bank embraces negative interest rates is higher than ever after data showed that the country has slipped into recession for the first time in over a decade.

Policymakers have already hinted at “a package of additional monetary instruments” at their August meeting.

Overnight volatility is likely to increase and drastic measures could push the price lower. 68.80 is a major support to monitor. On the upside, 73.00 is the immediate target should the pair bounce back.

USDCHF Steady Ahead of SNB Meeting

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The US dollar is struggling to hold onto the psychological price tag of 0.9 after four months of sell-off.

The Fed has stopped short of topping up its easing program and upgraded its 2020 economic forecast to a less gloomy one instead.

While this helped the greenback claw back some losses...


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