The New Zealand dollar was mixed today after decent macroeconomic data and ahead of the central bank’s monetary policy meeting.
The Reserve Bank of New Zealand inflation expectations in the September quarter for the next two years remained basically unchanged at 2.0%. Released yesterday, the GlobalDairyTrade Price Index showed no change. Dairy prices dropped 1.7% in the previous reporting period.
The trade balance of China, New Zealand’s major trading partner, showed a much smaller surplus than was expected. Yet both imports and exports were far above expectations, signaling about robust economy.
Now, traders wait for the RBNZ monetary policy decision due for release at 21:00 GMT today. Market participants were not anticipating any changes to the policy, therefore the focus will be on the wording of the statement as well as the press conference that will follow the announcement.
NZD/USD traded at 0.6743 as of 9:28 GMT today after opening at 0.7628 and rising to the daily high of 0.6763. EUR/NZD was near the opening level of 1.7201. NZD/JPY declined from 74.99 to 74.77 after touching the daily high of 75.25.
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