NZD Movement Lacks Oomph Following RBNZ Governor's Comments
The New Zealand Dollar (NZD) has made little movement following RBNZ Governor Anna Breman's remarks on monetary policy. During the September Monetary Policy Review, Breman stated that the official cash rate (OCR) track remains closely aligned with the May projections. She noted that moving the OCR toward a neutral stance remains accommodative, allowing the central bank to curb inflation while supporting the broader economy.
Breman added that policymakers may need additional time to evaluate the full impact of their current monetary stance. Earlier in the month, Breman and her colleagues hiked the Official Cash Rate (OCR) by 25 basis points (bps) to 2.75%, as widely expected.
The NZD/USD pair is currently trading around 0.5840, within an ascending channel pattern. However, it maintains a bearish near-term tone as it sits below the 50-period Exponential Moving Average (EMA) and the nine-period EMA.