Currency strategists at RBC Capital Markets note that although New Zealand’s dollar rose today versus the greenback, it’s stuck within its range ahead of the Reserve Bank of New Zealand’s rate statement.

The specialists underline that the general opinion of the market is that the country’s central bank won’t change the key interest rate, so it’s necessary to scan the accompanying statement looking for the clues that the RBNZ wants to push back the timing of the next rate hike.

According to RBC, the market is currently trying to analyze the Obama State of the Union speech. The FOMC meeting later today will also be closely watched as its members changed due to the annual rotation and so it’ll probably take on a more hawkish approach. Support for the pair NZD/USD is found at 0.7580, while resistance lies at 0.7700.



Chart. H4 NZD/USD

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