Sunday, 24 September 2023 11:28 GMT

Forex Today: Hawkish RBNZ In Record Rate Hike

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  • As had been widely expected, the Reserve Bank of New Zealand raised its interest rate by a strong 0.75%, taking its official cash rate to 4.25%, the highest seen since 2008 and the highest rate of any major currency. The RBNZ also increased its forecast of its maximum OCR in the near term to 5.50% in 2023, while also forecasting a year-long recession which will begin in the middle of 2023.
    The RBNZ has never made a hike of 0.75% before. Overall, this is seen as
    a bit of a hawkish tilt
    and seems to have spurred the Kiwi to minor gains against the Australian Dollar in
    the aud/nzd currency cross
    (which has reached its lowest level since March), and against the Japanese Yen in
    the nzd/jpy cross .
  • Minutes of the most recent FOMC meeting will be released later today.
  • There will be releases today of manufacturing and services PMI data from the UK, Germany, and France.
  • In the Forex market,
    the New Zealand Dollar is the strongest major currency over the short-term, while the Japanese Yen and the Australian Dollar are the weakest.
  • Daily new global coronavirus cases
    remained steady last week, maintaining a downwards trend which began last July.
  • It is estimated that 68.4% of the world's population has received at least one dose of a coronavirus vaccination.
  • Total confirmed new coronavirus cases worldwide stand at over 643.9
    million with an average case fatality rate of 1.03%.
  • The rate of new coronavirus infections appears to now be significantly increasing
    China, Japan, the Solomon Islands, and Venezuela.
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