Eyes on RBNZ that is set to deliver biggest rate hike ever, Kiwi bid
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Reuters reports that New Zealand’s central bank is expected to deliver its biggest-ever rate point hike this week as it continues efforts to temper inflation ahead of a three-month break.
“It all comes down to the language around the OCR (official cash rate) track and its shape,” said Kiwibank in a note. “Market traders have the peak in the OCR in May next year. We agree. From there, thoughts of rate cuts grow.”
Markets are risk-on which is supporting a recovery in the high beta currencies such as NZD/USD.
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