NZD / USD: decision on cash rate – today _09/03/2016

Technical analysis and trading recommendations - https://fxpcm.com/fx/nzd-usd-decision-cash-rate-–-today-09032016

Today at 20:00 (GMT) will be published the decision of the RBNZ interest rate in New Zealand. Most likely it is believed that RBNZ keep rates unchanged at 2.5%. However, there remains 28% chance of lowering interest rates today and two more times this year.

In the European session, the pair NZD / USD traded with a small increase in prices to the opening of the trading day near the 0.6770 resistance level.

Earlier Tuesday, the pair fell to the negative foreign trade data from China, which pushed investors to the partial closure of long positions in commodity currencies.

China is the largest trading partner of New Zealand. The decline in Chinese imports from New Zealand leads to a reduction in revenues of New Zealand export earnings. The country exports to China commodities, including large amounts of dairy products.

If today the RBNZ still lower rate or to make a statement about the likely decrease in the future meetings, the upward correction the pair NZD / USD pair of stops and returns to the downward trend.