NZD/USD snaps four-day losing streak. Risk aversion, downbeat New Zealand data dominated off-late. RBNZ’s Orr favored the status quo, said the economy is in a good position. Coronavirus numbers from Hubei signaled a mixed picture. NZD/USD pulls back from seven-day low to 0.6390 amid the initial Asian session on Wednesday. Mostly upbeat comments from the Reserve Bank of New Zealand (RBNZ) Governor Adrian Orr and receding coronavirus numbers from the epicenter Hubei could be cited as the immediate catalysts. However, the broad risk aversion remains following the latest doubts on the actual figure and length of the epidemic. RBNZ’s Orr: Good position The RBNZ Governor Adrian Orr recently crossed wires while speaking in front of the committee in parliament to answer questions related to the Bank’s annual report. The New Zealand central banker praised the present state of the monetary policy and economy while also suggesting a satisfactory position of inflation. With this, the odds of the RBNZ’s immediate rate cut decline. “Market pricing for RBNZ implies a 10% chance of easing at the next meeting on 25 March, with a terminal rate of 0.82% (RBNZ OCR currently at 1.0%,” mentions Westpac. Read: RBNZ: Both the economy and monetary policy are in a good position Coronavirus update: Numbers from Hubei fail to follow the recent declines As per the latest figures from China’s Hubei, the epicenter of coronavirus, there are 1,693 new cases on February 18 versus 1,807 of February 17. The report also mentions 132 new deaths compared to 93 noted the previous day. Read: Coronavirus peaking? How will it impact the global economies and FX? Even so, the market’s risk-tone refrains to turn positive as the S&P 500 Futures stay mostly unchanged around 3,370. Earlier, downbeat figures of New Zealand’s GDT Price Index, -2.9% versus 0.0% expected, contradicted the upbeat US data and broad US dollar strength to drag the kiwi pair downwards. It should also be noted that doubts over the coronavirus numbers and fears of global institutions like the International Monetary Fund (IMF) and the World Trade Organization (WTO) defied China’s readiness to cut tariffs of 696 US goods. Moving on, a light economic calendar at home will keep the pair traders at the mercy of external factors with China, Australia and the US being the key drivers. Technical Analysis Any downside below the monthly bottom of 0.6377 can drag the quote to November 2019 low near 0.6315. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next UEFA Euro 2020 to use a blockchain-powered app to sell match tickets FX Street 2 years NZD/USD snaps four-day losing streak. Risk aversion, downbeat New Zealand data dominated off-late. RBNZ’s Orr favored the status quo, said the economy is in a good position. Coronavirus numbers from Hubei signaled a mixed picture. NZD/USD pulls back from seven-day low to 0.6390 amid the initial Asian session on Wednesday. Mostly upbeat comments from the Reserve Bank of New Zealand (RBNZ) Governor Adrian Orr and receding coronavirus numbers from the epicenter Hubei could be cited as the immediate catalysts. However, the broad risk aversion remains following the latest doubts on the actual figure and length of the epidemic. RBNZ’s Orr:… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.