ZXY is Poised To Reach 59 Soon🚨NZD Outlook
NZD has been under a bearish outlook for the past three weeks.
At first, there was speculation about the inflation data but as we can see the RBNZ marked a very big improvement this month and was lower compared to other major economies.
🔸New Zealand's annual CPI inflation came in at 3.3% per year compared to 4.0% in the previous period, weaker than the estimate of 3.5%.
🔸Another important event during this month was the RBNZ Interst rate decision. The RBNZ kept interest rates steady at 5.50%, as widely expected. This decision weighed somewhat on the RBNZ. However, we have other major economies that have not lowered rates yet.
But after the data, the NZD continues to lose value in a strange way. Something is happening but it is not clear why.
On the other hand, ZXY - NEW ZEALAND DOLLAR CURRENCY INDEX lost approximately 2.82% of its value quickly and is poised to reach 59 soon
However this is just my opinion and I don't expect all of you to agree with it 😁
Thank you and Good luck!
