New Zealand Dollar Stronger Ahead of RBNZ Meeting

The New Zealand dollar rallied against other most-traded currencies during Wednesday’s trading. This turn of events was rather puzzling as the monetary policy outlook is anything but positive for the currency.
The Reserve Bank of New Zealand will conduct a policy meeting at the start of Thursday’s trading session. The majority of analysts expect a cut of the main interest rate by at least 25 basis points. The meeting will be followed by press-conference, which may provide insights into plans of New Zealand policy makers.
Yet prospects for lower borrowing costs did not prevent the New Zealand currency from rallying. The kiwi even gained on its Canadian counterpart, which itself was relatively strong today.
NZD/USD rallied from 0.6341 to 0.6393 as of 18:51 GMT today. NZD/JPY gained from 75.95 to 77.08. NZD/CAD went up from 0.8371 to 0.8462.

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