The New Zealand Dollar, aka the Kiwi, took the lead in movements among major currency pairs after the latest New Zealand poll showed a wide lead for the ruling National Party ahead of this weekend’s general elections. Support for the NZ National party surged to 46%, a 6-point gain, while oppositional support fell to 37%, a decline of 7 points. The Aussie Dollar was another key mover though trading was more subdued after the Reserve Bank of Australia outlined growth conditions for the Australian economy.
As reported at 11:16 am (BST) in London, the NZD/USD was trading at $0.7368, a gain of 0.71%; the pair had peaked at $0.73752 in the session, while the low stands at $0.73010. The AUD/USD was up 0.59% and trading at $0.8055, moving off the session high of $0.80580 while the session trough is currently at $0.79960.
Dollar Trade Subdued Ahead of FOMC
In the US, markets’ attention will turn to the Federal Reserve Bank’s policy meeting conclusion. Analysts’ expectations favor a gradual reduction in its balance sheet beginning next month, and there could also be hints of a possible rate hike discussion at the December policy meeting. Analysts generally agree that these forecasts have already been priced into the greenback so there is likely to be much impact. However, they caution that the Fed has been known to surprise.