RBNZ Orr:
- Inflation remains too high
- The committee remains weary of ongoing inflationary surprises
- Internalizing complex situation of subdued 3Q GDP, historic downgrades
- Neutral interest rate is now at 2.55%
Then NZDUSD has traded up to test the July 27 high at 0.6273 today. The high price today has reached 0.62718 just short of that level. A move above that level would open the door to more upside momentum.
NZDUSD moved up to test the end of July high
Looking at the daily chart, the low price from last week based near the 50% and the 200-day MA near 0.6092. Holding support near those levels, provided a strong base to push off. The FOMC rate decision provided a catalyst to move higher. Since then the price has moved up around 190 pips (in 5 days).