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    NZD/USD: in anticipation of the meeting of RBNZ on 09.03.2016

    In expectation of the meeting of the Reserve Bank of New Zealand today at 22:00 (GMT 2) and announcement of the interest rate decision, NZD is traded quietly. At the beginning of European session the pair NZD/USD has slightly increased compared to the opening price of the trading day.

    Negative data on Chinese foreign trade balance released on Tuesday, forces investors to take profit on the commodity currencies after long-lasting rise in the prices of oil and commodities.

    Chinese exports and imports significantly decreased in February. China is the largest trading partner of the counties in Asian -Pacific region, including New Zealand.

    Decline in the volume of imports from New Zealand to China leads to reduction of exports earnings of New Zealand, the largest exporter of dairy products.

    It is likely that RBNZ will leave interest rate unchanged at the level of 2.5%. Market participants believe that interest rate can be lowered twice within a year up to 2.0%.

    If RBNZ lowers interest rate at the meeting today, or announce probability of the interest rate reduction at the next meeting, upward correction in the pair will stop and downtrend in the pair will resume.

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