NZDUSD

The Reserve Bank of New Zealand has today raised the Official Cash Rate by 50 basis points to 3%. It is the RBNZ’s fourth straight 50bp hike in a row, in a tightening cycle that started back in October.

The Reserve Bank of New Zealand has today raised the Official Cash Rate by 50 basis points to 2.00%, a follow up to its 50bp rate hike in April. While this was widely expected, a surprise came as the RBNZ revised the OCR terminal rate to 3.9% in June 2023 from its earlier 3.35% forecast.

The Reserve Bank of New Zealand is widely expected to raise the Official Cash Rate by another 50 basis points to 2.00% at its meeting tomorrow. The real focus will be on the accompanying Monetary Policy Statement (MPS), which will provide updated inflation forecasts and OCR track changes.

A huge week ahead as three central banks line up to raise interest rates, and three employment reports drop, including one in New Zealand on Wednesday morning.

At its first meeting of the year, the RBNZ as expected, raised the Official Cash Rate by 25bp to 1% and reiterated that further hikes would be necessary.

In a reversal of roles, Australian Q4 CPI data released earlier this week has proved to be a reliable predictor of inflation in New Zealand, as annual inflation in New Zealand accelerated to a 30 year high earlier today.

Evidence of nine Omicron cases discovered in the Nelson-Tasman region of New Zealand last week prompted a move from orange to red light traffic setting over the weekend, meaning new restrictions have come into force.

Tomorrow's release of Q3 New Zealand GDP at 8.45 am (Sydney time) provides a steppingstone for traders looking to transition from the highly anticipated FOMC meeting into a busy Asian session.

As widely expected, the Reserve Bank of New Zealand (RBNZ) today raised the Overnight Cash Rate (OCR) by 25bp to 0.75%. Recognition of a booming property market and overshoot in the RBNZ’s two primary objectives set out below as a reminder.

The Reserve Bank of New Zealand (RBNZ) raised the Overnight Cash Rate (OCR) by 25bp to 0.50% in October. Since then, the run of hot economic data has continued.

Once the dust settles on this afternoon's RBA meeting, the focus of antipodean traders will switch to the release of New Zealand labour market data for the September quarter (Q3) tomorrow morning.