The Fed finally cut interest rates by 0.50%, higher than the forecast of 0.25%, so that the Fed interest rate is now 5.00%.
The market looks volatile in response to the Fed's interest rate data, all currency pairs with the USD are experiencing turbulence. Gold briefly soared to $2600 but fell again to around $2547. Other currency pairs such as EUR/USD, and GBP/USD experienced similar conditions, rising then falling.
The NZD/USD pair also experienced turbulence after the Fed cut interest rates, this pair drew a bullish candlestick with a long wick on the top candle indicating that a strong rally came under high selling pressure. Yesterday's price formed a low of 0.61809 and a high of 0.62769 closing at 0.62085. The price soars up and then back to the starting point near the middle band line.
Looking for fresh insights into the health of New Zealand's economy, investors will focus on second-quarter Gross Domestic Product (GDP) data, which will be published later today. Zealand's GDP is predicted to fall -0.4% from the previous 0.2%, if the actual data is higher than the forecast it is expected to be good for NZD.
However, investors are also paying attention to US data, especially the FOMC economic projections and Unemployment Claims, which are predicted to be 230k, the same as the previous revision of 230k.
The market looks volatile in response to the Fed's interest rate data, all currency pairs with the USD are experiencing turbulence. Gold briefly soared to $2600 but fell again to around $2547. Other currency pairs such as EUR/USD, and GBP/USD experienced similar conditions, rising then falling.
The NZD/USD pair also experienced turbulence after the Fed cut interest rates, this pair drew a bullish candlestick with a long wick on the top candle indicating that a strong rally came under high selling pressure. Yesterday's price formed a low of 0.61809 and a high of 0.62769 closing at 0.62085. The price soars up and then back to the starting point near the middle band line.
Looking for fresh insights into the health of New Zealand's economy, investors will focus on second-quarter Gross Domestic Product (GDP) data, which will be published later today. Zealand's GDP is predicted to fall -0.4% from the previous 0.2%, if the actual data is higher than the forecast it is expected to be good for NZD.
However, investors are also paying attention to US data, especially the FOMC economic projections and Unemployment Claims, which are predicted to be 230k, the same as the previous revision of 230k.
