New Zealand’s RBNZ leaves rate unchanged at 5.50% in July
The post New Zealand’s RBNZ leaves rate unchanged at 5.50% in July appeared on BitcoinEthereumNews.com.
After the July policy meeting conducted on Wednesday, the Reserve Bank of New Zealand (RBNZ) board members decided to keep the Official Cash Rate (OCR) steady at 5.50%. The decision was widely in line with the market expectations. Summary of the RBNZ Monetary Policy Statement (MPS) Committee agreed that monetary policy will need to remain restrictive. The extent of this restraint will be tempered over time consistent with the expected decline in inflation pressures. Some domestically generated price pressures remain strong. But there are signs inflation persistence will ease in line with the fall in capacity pressures and business pricing intentions. Current and expected govt spending will restrain overall spending in economy. The level of economic activity, including business and consumer investment spending and investment intentions, is consistent with the restrictive monetary stance. The positive impact of the pending tax cuts on private spending is less certain. Minutes of the RBNZ interest rate meeting Committee agreed that monetary policy will need to remain restrictive. Members noted a risk that domestically driven inflation could be more persistent in the near term. Headline inflation is expected to return to within the 1 to 3 percent target range in the second half of this year. Committee is confident that inflation will return to within its 1-3 percent target range over the second half of 2024. The appropriate stance of monetary policy was discussed. NZD/USD reaction to the RBNZ interest rate decision The New Zealand Dollar came under intense selling pressure in an immediate reaction to the RBNZ ’s hold decision. The NZD/USD pair currently trades around 0.6100, down 0.40% on the day. New Zealand Dollar PRICE Today The table below shows the percentage change of New Zealand Dollar (NZD) against listed major currencies today. New Zealand Dollar was the weakest against the US Dollar.…
Filed under: News - @ July 10, 2024 4:22 am