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What I expect the FOMC and RBNZ to do: Hardy

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Saxo Bank’s head of FX strategy John Hardy looks at issues affecting today’s meetings of the United States’ Federal Open Market Committee and the Reserve Bank of New Zealand.

The Fed is expected to leave its rate unchanged in a range of 0.25% to 0.50% and there is no expectation of significant action.

But Hardy says there has been a strong market recovery since FOMC's March meeting which may lead to a rally by the US dollar.

The action of the RBNZ is less predictable with Hardy saying that NZDUSD could move back toward the 0.70 area. Markets are divided over whether New Zealand’s central bank will hold or lower its official cash rate following last month's surprise cut to a record-low 2.25%.