The New Zealand dollar decreases after central bank keeps interest rates low
The New Zealand dollar fell on Thursday after the central bank of the country said they expected to keep the interest rate at a record low of 1.75% in two years as the economic prospects showed no interest.
The rates NZD/USD fell 0.82% to 0.6679 at 1:13AM ET (0533GMT). Central bank Governor Adrian Orr said Thursday in Washington that he is willing to cut the interest rate if needed.
He said: "We expect to keep the interest rate at this level until 2019 and 2020, longer than we have predicted at the time of 5 months." "Time to change interest rates may decrease or increase".
In addition, the central bank also reduced the forecast for growth in the year 2018 when the figures showed decreased business confidence and the housing market remained frozen.
The central bank also said the risk to New Zealang's exports increased in the context of global trade tensions.
Meanwhile, the NDT rose 0.2% against the dollar on Thursday. An article by CNBC states that the recent NDT discounts created the challenge for the Chinese push to promote their eastern money to the world.
The NDT is under pressure since May 7 in the context of trade tensions with America, analysts are now confident that China's efforts to make this currency the world's currency will likely be retrograde.
Ken Cheung, an analysis of the Asia forex strategy at Mizuho Bank in Hong Kong told CNBC: "It could be temporarily slowed down in the second half of this year" and indicates the cause of trade tensions.
In another report on Tuesday, IHS Markit said that NDT discounts began early in the year when the FED increased interest rates.
"As long as the tension and uncertainties around the US-China relationship, you also see the trading volume between the two decreases". "And the international usage of the NDT as well as the use of the NDT in commercial payment would be slowed down."
U.S. dollar index, index of the dollar value compared to the currency basket, rose 0.03% to 94.98 Thursday.
The dollar fell against the yen with a USD/JPY discount of 0.06% and 110.96.
The rates NZD/USD fell 0.82% to 0.6679 at 1:13AM ET (0533GMT). Central bank Governor Adrian Orr said Thursday in Washington that he is willing to cut the interest rate if needed.
He said: "We expect to keep the interest rate at this level until 2019 and 2020, longer than we have predicted at the time of 5 months." "Time to change interest rates may decrease or increase".
In addition, the central bank also reduced the forecast for growth in the year 2018 when the figures showed decreased business confidence and the housing market remained frozen.
The central bank also said the risk to New Zealang's exports increased in the context of global trade tensions.
Meanwhile, the NDT rose 0.2% against the dollar on Thursday. An article by CNBC states that the recent NDT discounts created the challenge for the Chinese push to promote their eastern money to the world.
The NDT is under pressure since May 7 in the context of trade tensions with America, analysts are now confident that China's efforts to make this currency the world's currency will likely be retrograde.
Ken Cheung, an analysis of the Asia forex strategy at Mizuho Bank in Hong Kong told CNBC: "It could be temporarily slowed down in the second half of this year" and indicates the cause of trade tensions.
In another report on Tuesday, IHS Markit said that NDT discounts began early in the year when the FED increased interest rates.
"As long as the tension and uncertainties around the US-China relationship, you also see the trading volume between the two decreases". "And the international usage of the NDT as well as the use of the NDT in commercial payment would be slowed down."
U.S. dollar index, index of the dollar value compared to the currency basket, rose 0.03% to 94.98 Thursday.
The dollar fell against the yen with a USD/JPY discount of 0.06% and 110.96.
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