AUD/NZD struggles to extend recovery above 1.0640 as RBNZ-RBA policy divergence stretches – by Sagar_Dua24 RBA AUDNZD RBNZ Inflation InterestRate
surprise 50 basis points rate hike by the Reserve Bank of New Zealand is expected to remain for a decent period.
On Wednesday, RBNZ Governor Adrian Orr went ahead of expectations and hiked its Official Cash Rate by 50 bps to 5.25%. RBNZ Orr went for a bumper rate hike as New Zealand’s inflation has turned extremely sticky. New Zealand’s quarterly inflation rate has remained steady at 7.2% in the last three quarters.
Reuters reported that the New Zealand economy is expected to have shrunk by 0.3% this quarter, following a 0.6% contraction in the final three months of 2022. In spite of anticipation of contraction in the economic activities, theAbout interest rate guidance, Economists at ING believe that even in the event of another hike and the 5.50% projected peak rate is reached, the chances of rate cuts by the end of the year have now increased materially, and markets are likely underestimating them.
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