Kiwi hits four-month high after RBNZ

Nov 08 04:11 2018 Print This Article

 

Central bank more positive

The Reserve Bank of New Zealand kept its benchmark rate unchanged at 1.75%, as expected, but brought forward its projection of a rate hike to Q2 2020 as it anticipates a pickup in growth over 2019. However, the Bank said it was necessary to keep rates at an expansionary level due to below-target inflation (which it doesn’t see picking up until December 2019).

NZD/USD climbed to its highest level since July 31 after the announcement, helped along the way by a slightly weaker US dollar. However, taking some of the steam out of the rally, RBNZ Governor Orr later commented that he was not taking a rate cut off the table, and would consider one if GDP growth fell short of forecast.

NZD/USD Daily Chart

Source: OANDA fxTrade

Aussie rebounds as China’s imports beat estimates

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