Wednesday Morning Big News For Forex Traders| Latest Forex News

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Wednesday Morning Big News 



 NZD/USD Outlook Mired Ahead of RBNZ as RSI Sits in Oversold Territory:

NZD/USD continued to chip away at the correction from the 2019 low (0.6204) as the US NFP report showed the world’s largest economy adding 225K jobs in January versus forecasts for a 165K print.

A deeper look at the report revealed Average Hourly Earnings climbing to 3.1% from a revised 3.0% in December, and the pickup in job/wage growth may keep the Federal Reserve on the sidelines as the central bank insists that the “current stance of monetary policy is appropriate to support sustained economic growth, a strong labor market, and inflation returning to our symmetric 2 percent objective.”

At the same time, the Reserve Bank of New Zealand (RBNZ) is widely expected to keep the official cash rate (OCR) at the record-low of 1.00% on February 12, but the central bank may endorse a dovish forward guidance at its first meeting for 2020 amid the weakening outlook for the Asia/Pacific region.

The RBNZ may keep the door to further insulate the New Zealand economy as the update to the employment report showed job growth holding flat in the fourth quarter of 2019 amid projections for a 0.3% rise.

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Wednesday Morning Big News for forex traders

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