The New Zealand dollar fell against its US counterpart today, declining for a third day in a row and touching the lowest level in seven months, ahead of tomorrow’s monetary policy announcement from the nation’s central bank. The currency also retreated versus the euro.
The Reserve Bank of New Zealand will release its monetary policy statement tomorrow at an early Asian session. Economists expect that the RBNZ will refrain from raising interest rates after Governor Graeme Wheeler put the cycle of interest rate hikes on hold for the time being. This outlook contrasts with expectations of monetary tightening from the Federal Reserve, making the kiwi slide against the greenback.
NZD/USD slid from 0.8244 to 0.8218 as of 12:27 GMT today, touching the low of 0.8208 intraday — the weakest rate since February 6. EUR/NZD advanced from 1.5689 to 1.5732.
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