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NZD/USD Dependent On FOMC

NZD/USD Dependent On FOMC

…Even though the meeting is not going to offer a firework. The Kiwi lost almost 3 figures in the past two weeks and finally found a bottom. At least, it seems the pair has a chance to start the recovery. The Kiwi’s reaction to the employment data for the third quarter was enthusiastic. And it’s not surprising: the employment rate grew by 4.2% y-o-y.

The unemployment rate dropped to 4.6% from the previous 4.8% for the first time in the last 9 years. The new government will have to try hard to “fly the flag”. You may remember that the RBNZ may suffer some changes. The ruling party may force the regulator to keep its easing policy. So, the markets cheered the data because this is a good sign for the future of monetary policy. NZD/USD surged to the area of 0.6890 and on the second try regained 0.69 level touching the intraday high at 0.6929. Curious to relate, but a lot will depend on the FOMC meeting today.

If the traders send USD to the south under «buy the rumour, sell the fact» rule, the Kiwi may settle above the 0.69 level, which will confirm a bottom in the area of 0.6835.

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