Reserve Bank of New Zealand left rates unchanged at today’s meeting but signalled that no rate cut is coming this year. NZD caught a bid following the decision and continues to strengthen against other major currencies during European trading hours. NZDUSD is trading 1% higher and is closing in on the 200-session moving average (0.6490). Today’s jump on the pair is also being supported by improving the situation on the bond market.
NZ-US yield spreads have changed in favor of the NZD recently. Source: Bloomberg
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Source: xStation5
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