NZD/USD depreciates due to the hawkish remarks from Fed officials regarding maintaining higher rates for longer.
is expected to maintain its Official Cash Rate at 5.5%, marking the seventh consecutive meeting without changes. Fed maintains a cautious stance regarding inflation and the possibility of rate cuts in 2024. Investors are awaiting the Reserve Bank of New Zealand's policy meeting scheduled for Wednesday. It's widely anticipated that the
will maintain its Official Cash Rate at 5.5%, marking the seventh consecutive meeting without changes. Policymakers are expected to emphasize the necessity of maintaining a restrictive policy stance for an extended period to steer inflation back within the 1-3% target range. Recent data showed a decline in the country’s 2-year inflation expectations to their lowest point in nearly three years during the second quarter.
might contemplate rate cuts later in 2024. Support for the New Zealand Dollar could arise from China's announcement of a comprehensive package to bolster its struggling property market. China's finance ministry plans to start raising 1 trillion Yuan in issuing 20 to 50 years bonds for larger stimulus measures. Measures include the relaxation of mortgage regulations and encouragement for local governments to purchase unsold homes.
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