The New Zealand dollar weakened against other major currencies in the Asian session on Tuesday, amid renewed uncertainty about a potential peace deal to end the Middle East conflict after the US attacked key Iranian missile launch sites in Southern Iran and boats attempting to lay mines, in what Iran said were defensive actions.
Traders choose to wait for the Reserve Bank of New Zealand or RBNZ decision on Wednesday. For the third consecutive meeting, it is generally anticipated that the RBNZ would maintain the Official Cash Rate (OCR) at 2.25%. However, traders are projecting a rate increase of 25 basis points (bps) at the July 8 meeting and a tightening of 125 bps over the following year.
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