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Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. The vast majority of retail investor accounts lose money when trading CFDs / Spread betting with this provider. You should consider whether you understand how CFDs / Spread betting work and whether you can afford to take the high risk of losing your money.
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NZDUSD Looks to RBNZ Press Conference for Direction

The NZDUSD has an RBNZ press conference ahead of the Asian session on Wednesday. After a recent break of support in the New Zealand dollar versus the U.S. dollar, traders can plan for the central bank speech and further U.S. data.

NZDUSD - Weekly Chart

NZDUSD-Weekly-ChartThe NZDUSD broke lower through the 0.6250 support recently and had fresh air below that level.

A dovish Reserve Bank of New Zealand update could lower the Kiwi dollar this week.

After traders have digested the RBNZ press conference, it will be followed by FOMC minutes in the United States session on Wednesday. Traders will seek further information from Federal Reserve policymakers in the minutes.

Last week saw comments from two Fed governors in Mester and Bullard that suggested that the early Federal Reserve decision to slow the pace of rate hikes from 50 bps to 25 bps wasn't so unanimous after all. Both had argued in favor of sticking to 50 bps hikes and will do so again in March. The FOMC minutes on Wednesday could show how significant the hawkish minority within the Fed already was ahead of the January data with strong payrolls, high inflation, and strong retail sales.

 Federal Reserve Chair Jerome Powell said less than two weeks ago that the central bank's fight against inflation has "a long way to go." A vital jobs report followed last week that showed the labor market remains hot despite the central bank's efforts to cool the economy.

"This process is likely to take quite a bit of time," Powell said. "It's not likely to be smooth."

At The Economic Club of Washington, Powell said the "extraordinarily strong" January job report surprised the Fed. The economy added 517,000 jobs in January as the unemployment rate fell to its lowest level in more than 53 years.

Last Updated: 21/02/2023

This market commentary and analysis has been prepared for ATFX by a third party for general information purposes only. Any view expressed does not constitute a personal recommendation or solicitation to buy or sell as it does not take into account your personal circumstances or objectives, and should therefore not be interpreted as financial, investment or other advice, or relied upon as such. You should therefore seek independent advice before making any investment decisions. This information has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. We aim to establish and maintain and operate effective organisational and administrative arrangements with a view to taking all reasonable steps to prevent conflicts of interest from constituting or giving rise to a material risk of damage to the interests of our clients. The market data is derived from independent sources believed to be reliable, however we make no representation or warranty of its accuracy or completeness, and accept no responsibility for any consequence of its use by recipients. Reproduction of this information, in whole or in part, is not permitted.


 

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