More from the RBNZ re their rate hike today:
- Level of interest rates constraining spending and inflation
- Interest rates will
need to remain at restrictive level for forseeable future - Global growth
remains weak, inflation pressures are easing - In New Zealand
inflation is expected to continue to decline from peak - Core inflation
pressures will remain until capacity constraints ease further - OCR set to remain
restrictive - Businesses reporting
slower demand for goods and services - Businesses reporting
lack of demand main constraint on activity, not labour shortages
This all sounds like ‘mission accomplished’ from the Reserve Bank of New Zealand. The Bank said its forecasting the current cash rate at 5.5% to be the peak.
Earlier:
NZD/USD update, 1 minute candles again: