Forex Analysis by David Scutt covering: New Zealand Dollar US Dollar. Read David Scutt's latest article on Investing.com
New Zealand inflationary pressures have returned to the RBNZ target band for the first time in 3.5 years.) fell to the lowest level since early 2021 in the September quarter, seeing markets retain the view the Reserve Bank of New Zealand will deliver another jumbo rate cut in November.Headline CPI rose 0.6% over the quarter and 2.2% over the year, leaving the annual rate within the RBNZ 1-3% target band for the first time since early 2021.
This figure has generated more market volatility than the actual inflation report in the past, so keep it on the radar if trading NZD/USD.With clear evidence that disinflationary pressures remain intrenched, the question now is how will RBNZ policymakers respond with only one further monetary policy meeting scheduled over the next three months?
Aside from a false break back in August, the pair has been very respectful of .6049 in the past, providing a level for traders to build setups around. If the price holds above the level, you could buy targeting a push towards .61094, another level that has acted as both support and resistance recently.
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