NZD/USD could have the legs to push onto resistance at 0.63 – ING

The New Zealand Dollar liked what it heard from the Reserve Bank of New Zealand (RBNZ) and rallied after the Monetary Policy Statement (MPS). Economists at ING analyze Kiwi’s outlook.

New Zealand bucks the dovish trend

While keeping its Official Cash Rate (OCR) unchanged at 5.50%, the RBNZ did buck the globally dovish trend of central bankers by raising its forecast profile by 40-50 bps over the next three years.

We are positive on NZD/USD into next year – largely on the turn in the US Dollar story. But a more hawkish than expected RBNZ can't hurt either. 

Let's see whether NZD/USD has the legs to push onto resistance at 0.63 in early December.