{"id":152997,"date":"2019-08-07T07:30:47","date_gmt":"2019-08-07T11:30:47","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=152997"},"modified":"2019-08-07T07:20:43","modified_gmt":"2019-08-07T11:20:43","slug":"new-zealand-dollar-nosedives-as-rbnz-shocks-with-bigger-rate-cut","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2019\/08\/new-zealand-dollar-nosedives-as-rbnz-shocks-with-bigger-rate-cut\/","title":{"rendered":"New Zealand Dollar nosedives as RBNZ shocks with bigger rate cut"},"content":{"rendered":"<div id=\"inves-3828270159\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">August 7, 2019<\/div><hr style=\"border: none; border-bottom: 3px solid black;\">\r\n<\/div><\/div><p><strong><span class=\"author-description-author\">By Lukman Otunuga, Research Analyst<\/span>, <a href=\"http:\/\/countingpips.com\/contributors\/contributor-profile-forextime\/\">ForexTime<\/a><\/strong><\/p>\n<div class=\"article-body\">\n<div class=\"field-body\">\n<div class=\"field-items\">\n<div class=\"field-item even\">\n<p>The New Zealand Dollar weakened against every single G10 currency this morning after the Reserve Bank of New Zealand (RBNZ) shocked markets by cutting interest rates by 50 basis points &#8211;\u00a0bringing the official cash rate to a record low of 1%.<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/www.forextime.com\/images\/maa\/nzd_1.png\" alt=\"\" \/><\/p>\n<p>According to the central bank, &#8220;Global economic activity continues to weaken, easing demand for New Zealand\u2019s goods and services&#8221; while \u201cHeightened uncertainty and declining international trade have contributed to lower trading-partner growth\u201d.<\/p>\n<p>With the RBNZ purchasing premium tickets on the global monetary easing bandwagon and signalling further cuts, the New Zealand Dollar is positioned to weaken further. This is already being reflected in the NZDUSD which tumbled a staggering 150+ pips to levels not seen since January 2016 below 0.6400.<\/p>\n<p>The technical picture is extremely bearish on the daily charts with bears exerting pressure on the 0.6400 level as of writing. Sustained weakness below this level will signal further downside with the next key point of interest at 0.6350. Alternatively, if 0.6400 proves to be a reliable support, prices have the potential to rebound back towards 0.6850 before resuming the downtrend.<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/www.forextime.com\/images\/maa\/nzdusddaily_91.png\" alt=\"\" \/><\/p>\n<\/div>\n<\/div>\n<\/div>\n<p><em><strong>Disclaimer: <\/strong>The content in this article comprises personal opinions and should not be construed as containing personal and\/or other investment advice and\/or an offer of and\/or solicitation for any transactions in financial instruments and\/or a guarantee and\/or prediction of future performance. ForexTime (FXTM), its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness, of any information or data made available and assume no liability as to any loss arising from any investment based on the same.<\/em><\/p>\n<\/div>\n<hr \/>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-54242 alignleft\" src=\"https:\/\/www.countingpips.com\/articles-analysis\/wp-content\/uploads\/2014\/07\/Forex-Time-Logo.png\" alt=\"Forex-Time-Logo\" width=\"262\" height=\"90\" \/><strong>Article by <span style=\"text-decoration: underline;\"><a href=\"https:\/\/www.countingpips.com\/contributors\/contributor-profile-forextime\/\">ForexTime<\/a><\/span><\/strong><\/p>\n<p><strong>ForexTime Ltd (FXTM)<\/strong> is an award winning international online forex broker regulated by CySEC 185\/12 <a href=\"http:\/\/www.forextime.com\" target=\"_blank\" rel=\"noopener noreferrer\">www.forextime.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Lukman Otunuga, Research Analyst, ForexTime The New Zealand Dollar weakened against every single G10 currency this morning after the Reserve Bank of New Zealand (RBNZ) shocked markets by cutting interest rates by 50 basis points &#8211;\u00a0bringing the official cash rate to a record low of 1%. According to the central bank, &#8220;Global economic activity [&hellip;]<\/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-152997","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/152997","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=152997"}],"version-history":[{"count":2,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/152997\/revisions"}],"predecessor-version":[{"id":153001,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/152997\/revisions\/153001"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=152997"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=152997"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=152997"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}