The NZD/SEK currency pair held near a 1-week high of 5.4326 on Tuesday ahead of the outcome of the RBNZ’s policy meeting on Wednesday.
The Reserve Bank of New Zealand is expected to keep its official cash rate intact at 2.25% at its February meeting.
In November, the RBNZ lowered its policy rate by 25 bps to 2.25%, bringing borrowing costs to their lowest level since mid-2022, due to significant spare capacity in the NZ economy and easing inflation pressures.
RBNZ Governor Ann Breman had said the official cash rate would likely stay without change for an extended period. This outlook assumed economic conditions evolved as expected.
Expectations for a restrictive RBNZ policy path have provided support to the kiwi dollar.
In the meantime, the latest data out of Sweden showed that the unemployment rate had dropped to 8.6% in January from 10.4% in the same month of 2025.
The number of unemployed persons dropped by 102,000 compared to January 2025 to 490,000.
The number of unemployed people aged 15 to 24 decreased by 5,300 to 148,000, which reflected a youth unemployment rate of 23.3%.
The NZD/SEK currency pair was last up 0.64% on the day to trade at 5.4287.
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