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On RBNZ rate rumors, the NZD is the overall player in today’s session. The NZD has pushed the Australian dollar higher today, but the latter has lost some ground following the RBA’s unsurprising policy decision. However, the Australian dollar, along with the Sterling, is still holding on to most of its gains.
Earlier in the day, data from New Zealand indicated that the NZIER Business Confidence Index rose substantially in the second quarter, rising to 7% from -13 percent in the first quarter, giving the NZD a lift.
The significant rise in the positively associated AUD/USD pair following the Reserve Bank of Australia’s (RBA) hawkish policy move also aided the NZD/USD increase. The Reserve Bank of Australia (RBA) lowered weekly asset purchases from A$5 billion to A$4 billion on Tuesday.
The US dollar, on the other hand, stayed on the defensive as expectations of an earlier than expected Fed policy tightening faded. The large beat on the headline NFP print was overshadowed by an unexpected jump in the US unemployment rate, implying that the Fed will hold off on slowing its asset purchases. As a result, the market’s attention will be drawn to the release of the current FOMC meeting minutes on Wednesday.
AUD Remains Stable Following RBA’s Release
The Reserve Bank of Australia (RBA) Governor Phillip Lowe noted at a post-monetary policy meeting press conference on Tuesday that “the requirement for a hike in the cash rate rests on the facts, not the date.”
The AUD/USD crosses the 0.7600 level in a delayed reaction to Lowe’s news conference.
On the day, the spot is up 0.89 percent. The AUD bulls appear to be boosted by Lowe’s reasoning for cutting back on bond purchases. The AUD/USD buyers are hoping to reclaim control after a solid break of the monthly resistance line, which is now supported. The biggest stumbling block is the 200-DMA near 0.7600.
The pair battled to profit from its strong intraday uptrend and failed near the 0.7600 round-figure marks once more. The appearance of some substantial selling around the shared currency in reaction to the dismal announcement of the ZEW poll results aided the US dollar. This was interpreted as a crucial reason, prompting new selling across the AUD/USD pair.
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