Reuters poll: RBNZ to cut cash rate to 4.25% on November 27

A Reuters poll is showing:

• RBNZ is to cut cash rate to 4.25% on November 27. The current rate is at 4.75%. 27 of 30 economists look for the 50 basis point cut.
• In 2025 the median forecast is for the central bank to cut rates by total of 100 basis points

The NZD/USD pair dipped to test a key support level near 0.58488, which has proven to be a significant floor. Although this level was briefly breached last week and earlier this week, those breaks failed to sustain momentum. Today, the price is once again finding support near this area, prompting traders to take positions with a clear risk-defined strategy. A break below 0.58488, particularly below last week’s and this week’s lows at 0.58352, could trigger stop-loss orders and accelerate downward momentum.

This article was written by Greg Michalowski at www.forexlive.com.