The RBNZ will announce their statement at 3 PM ET/9 AM local New Zealand time). The expectations is for no change.
Points of interest:
- Will the currency remain overvalued
- Will rates have to rise later
Commodities are lower which suggests that the currency comments will likely remain (despite the lower price from the December meeting – about 200 pips lower). The CPI inflation is also below the 1% target now.
Technically, traders are probing the downside before the decision.
For our full preview: Preview – Reserve Bank of New Zealand policy meeting on 29 January 2015
NZDUSD stays below topside trend line and breaks 100 hour MA before RBNZ.