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Fundamental Analysis
Fundamental updates by Solid ECN
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[QUOTE="SOLIDECN, post: 213690, member: 80239"] [JUSTIFY][img]https://i.ibb.co/VJcb5ST/800x80.png[/img][/JUSTIFY] [HEADING=1][JUSTIFY]NZDUSD - RBNZ raises interest rate to a seven-year high[/JUSTIFY][/HEADING] [JUSTIFY]The New Zealand dollar shows a moderate increase during the Asian session, testing 0.5800 for a breakout. The NZDUSD pair renews its local highs from September 23 amid reduced activity in the market, as traders are in no hurry to open new trading positions, waiting for the publication of an extensive block of US macroeconomic statistics on the labor market for September and hoping to receive new signals regarding the pace of further tightening of monetary policy by the US Federal Reserve. [img]https://i.ibb.co/NxNzCSF/nzdusd-1.png[/img] Meanwhile, the Reserve Bank of New Zealand (RBNZ) held a meeting on Wednesday, following which, as expected, the interest rate was raised by 50 basis points to 3.5%, which was the eighth adjustment of the monetary tightening cycle that started a year ago and the highest rate in the last seven years. According to the RBNZ Governor Adrian Orr, the "hawkish" course allows maintaining price stability and contributes to the most sustainable employment. The market estimates the probability of an interest rate increase by another 50 basis points at the next meeting of the Reserve Bank of New Zealand in November to be more than 60%, and by May the value could reach 4.5%. It is worth noting that the decision of the financial authorities somewhat disappointed the traders, who were counting on the easing of pressure from the leading central banks. The day before, the Reserve Bank of Australia raised interest rates by only 0.25%, while the market expected a correction of 50 basis points. In an accompanying statement, agency officials noted that an increase of 0.25% is necessary to assess the effectiveness of measures already taken to combat inflation. [img]https://i.ibb.co/MP7BrtL/nzdusd-2.png[/img] [B]Resistance levels[/B]: 0.58, 0.585, 0.59, 0.5938 | [B]Support levels[/B]: 0.572, 0.565, 0.5563, 0.55[/JUSTIFY] [/QUOTE]
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