NZD/USD awaits the RBNZ in coming days

NZD/USD starts off Asia better offered, with a focus on the greenback.
The RBNZ will be the main event for the Kiwi this week.

Ross J Burland FXStreet

NZD/USD is currently trading at 0.6984, down some 0.20% on the day as traders get set for the Asian session.

NZD/USD travelled between a low of 0.6948 and a high of 0.7008 with the US dollar edged higher across the board on Monday as concerns about the pandemic encouraged investors to seek the safe-havens.

Amid a dearth of data, so far, the greenback will likely remain in favour. With regards to the kiwi specifically, all eyes in the coming days will on the Reserve Bank of New Zealand to see if it can meet the market’s expectations for hikes.

''The kiwi started the week by moving lower but then unwound a lot of this move as the day progressed. Markets were broadly calm to start the week amid a lack of data. A lot of focus is likely to be on rates markets again this week to see whether there is a further unwind of the recent rally in US Treasuries,'' analysts at ANZ Bank said.

For the Kiwi, the key factor this week will be the RBNZ meeting.

''Given how far market pricing has already moved, it may be difficult for the central bank to ‘out-hawk’ the market. As such, it may be difficult for the RBNZ decision to generate a large move in the Kiwi unless there is a large shift in the language,'' the analysts at ANZ Bank said.

NZD/USD

Overview
Today last price	0.6985
Today Daily Change	0.0004
Today Daily Change %	0.06
Today daily open	0.6981

Trends
Daily SMA20	0.7022
Daily SMA50	0.714
Daily SMA100	0.7146
Daily SMA200	0.7068

Levels
Previous Daily High	0.7005
Previous Daily Low	0.6923
Previous Weekly High	0.7106
Previous Weekly Low	0.6923
Previous Monthly High	0.7289
Previous Monthly Low	0.6923
Daily Fibonacci 38.2%	0.6974
Daily Fibonacci 61.8%	0.6954
Daily Pivot Point S1	0.6934
Daily Pivot Point S2	0.6888
Daily Pivot Point S3	0.6852
Daily Pivot Point R1	0.7016
Daily Pivot Point R2	0.7052
Daily Pivot Point R3	0.7098

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

Japanese Yen gains ground as traders await Fed rate decision

The USD/JPY pair loses ground to near 160.25 during the early European trading hours. Traders prefer to wait on the sidelines ahead of the US Federal Reserve interest rate decision under new Chair Kevin Warsh later on Wednesday.

AUD/USD stays pressured; holds above 0.7050 as traders await Fed decision

The AUD/USD pair struggles to capitalize on the previous day's hawkish Reserve Bank of Australia-inspired bounce and trades with a negative bias for the second consecutive day on Wednesday. Spot prices, however, hold above the 0.7050 level as traders opt to wait for the outcome of a two-day FOMC policy meeting before placing fresh directional bets.

Gold remains depressed but holds above $4,300 as traders seem hesitant ahead of Fed

Gold remains on the back foot heading into the European session, though it lacks follow-through selling and holds comfortably above the $4,300 mark. Traders now seem hesitant ahead of the highly anticipated FOMC policy decision, keeping the commodity below the weekly high.

DOGE near breakout, SHIB at its ceiling and PEPE leads meme coin recovery

Meme coins are approaching a key technical level, which could determine the next directional bias. Dogecoin struggles to overcome a major resistance level, and Shiba Inu recovery lost momentum near a crucial barrier. Meanwhile, Pepe extends its rally for a sixth straight day, raising the prospects of further upside if momentum persists.

Federal Reserve set to hold interest rates in Warsh's debut as chair

The United States Federal Reserve announces its interest rate decision on Wednesday, another pivotal meeting for markets to gauge the stance of policymakers and new Chair Kevin Warsh as energy prices retreat after the United States and Iran reached a framework deal to reopen the Strait of Hormuz.

Why a hawkish RBA is no longer enough to lift the Australian Dollar

The Reserve Bank of Australia delivered more than what markets expected: a hawkish hold that should have supported the Aussie. But markets widely ignored it, focusing instead on slowing economic growth and proving that central bank messaging alone isn’t always enough to drive currencies.