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RBNZ policy decision in the spotlight early tomorrow

Now I am sure most of you might be fast asleep when the Reserve Bank of New Zealand (RBNZ) reveal the outcome of their latest monetary policy decision. That is because this is due to be announced at 1am GMT tomorrow. The markets are not expecting any change early tomorrow morning, with the consensus expecting the OCR to remain at 5.5%. If that is the case, it will maintain the RBNZ OCR as the highest amongst the G10 currency block. Some researchers are suggesting open interest amongst spec traders is now long of NZD coming into this decision. That might explain why it has been dropping back from above 0.6200 in recent days. There is no bias here on what might be the outcome of this meeting, but do not be surprised, if you wake up to a NZD/USD that is different from where it is priced right now, currently at 0.6167

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