{"id":147232,"date":"2019-05-08T06:55:03","date_gmt":"2019-05-08T10:55:03","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=147232"},"modified":"2019-05-08T06:43:00","modified_gmt":"2019-05-08T10:43:00","slug":"rbnz-cuts-ocr-by-25-basis-points","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2019\/05\/rbnz-cuts-ocr-by-25-basis-points\/","title":{"rendered":"RBNZ Cuts OCR By 25 Basis Points"},"content":{"rendered":"
May 8, 2019<\/div>
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By <\/strong>Orbex<\/strong><\/a><\/p>\n

The Reserve Bank of New Zealand held its monetary policy meeting earlier today. In a surprise move, the central bank lowered the official cash rate by 25 basis points.<\/p>\n

This brought the RBNZ\u2019s interest rates to 1.50% from 1.75%. In its statement, the central bank interest rate projections signaled that there could be another rate cut later during the year.<\/p>\n

Euro Mixed Ahead of Germany\u2019s Industrial Production<\/strong><\/h2>\n

The euro was trading modestly lower on Tuesday, losing 0.06% on the day. The currency was subdued with a lack of economic data and the mixed sentiment in the USD. Germany will be releasing its industrial production figures later today followed by the ECB\u2019s monetary policy meeting accounts.<\/p>\n

EURUSD Trades Flat<\/strong><\/h3>\n

The EURUSD is maintaining its sideways range within 1.1226 \u2013 1.1140 levels. This sideways range could remain in place until there is a breakout from this level. The bias remains mixed at the moment. To the downside, a close below 1.1140 could potentially trigger further declines in the near term towards the 1.1100 region. To the upside, gains could stall near 1.1280 resistance.<\/p>\n

\"eurusd\"<\/a><\/p>\n

Oil Prices Dented by Fears of a Slowdown<\/strong><\/h2>\n

Crude oil was trading lower on Tuesday. Oil prices were trading subdued as escalating trade wars increase the prospects of a global slowdown. This comes despite the US lifting the\u00a0waivers on Iran oil export sanction<\/a>s. Oil could be trading lower as we expect many of the refineries that were offline to jump back into production.<\/p>

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Can Oil Rebound Higher?<\/strong><\/h3>\n

WTI Crude oil reversed the recent declines posting three consecutive sessions of gains on the 4-hour chart. However, price action remains caught below the resistance area of 62.85. A close above this resistance is needed for oil prices to retest the previous highs. The resistance area of 64.55 remains a key level for oil prices to establish resistance more firmly.<\/p>\n

\"forex<\/a><\/p>\n

Gold Supported by US-China Trade Uncertainty<\/strong><\/h2>\n

Gold prices maintained the gains as the risk off sentiment saw investors rushing to safe haven assets. US\u00a0officials are raising tariffs<\/a>\u00a0on $200 billion worth of existing goods imports from China this Friday. The increase will be from the current 10% to 25%. Meanwhile, China\u2019s vice premier Liu He will be in Washington from Thursday to continue the trade talks.<\/p>\n

XAUUSD Looks Bullish<\/strong><\/h3>\n

Gold has managed to break past the 1285 handle on the 4-hour chart. The bullish close above Monday\u2019s doji candlestick pattern potentially indicates further upside in price. A breakout above 1285 will push gold prices to test the 1290 handle in the near term. If the bullish momentum continues, we expect an eventual rise to the 1302 region.\"xauusd\"<\/a><\/p>\n

By <\/strong>Orbex<\/strong><\/a><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

By Orbex The Reserve Bank of New Zealand held its monetary policy meeting earlier today. In a surprise move, the central bank lowered the official cash rate by 25 basis points. This brought the RBNZ\u2019s interest rates to 1.50% from 1.75%. In its statement, the central bank interest rate projections signaled that there could be […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-147232","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/147232","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=147232"}],"version-history":[{"count":2,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/147232\/revisions"}],"predecessor-version":[{"id":147235,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/147232\/revisions\/147235"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=147232"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=147232"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=147232"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}