Breaking: RBNZ hikes OCR by 50bps as expected, Kiwi jumps Breaking Fed Currencies NZDUSD RBNZ
has rallied to 0.6245 as markets look past the Cyclone Gabrielle-led damage and the prospects of a more hawkish Federal Reserve. Instead, investors are wary of the RBNZ's higher inflation expectations from 3.8% to 4.2% by March 2024. Employment remains above its maximum sustainable level, and short-term inflation expectations remain high.RBNZ still expects the cash rate to peak at 5.5%.
Traders are looking to the RBNZ’s peak rate forecast and Governor Adrian Orr’s press conference later today. These will likely hold the key for NZD in the short term. . If the RBNZ is hawkish about the inflationary outlook of the economy and rises the interest rates it is positive, or bullish, for the NZD.Information on these pages contains forward-looking statements that involve risks and uncertainties.
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