Reserve Bank of New Zealand:
RBNZ hiked their cash rate target
for a ninth consecutive meeting today.
It was by
a 75bp hike.
the Official Cash Rate (OCR)
from 3.5% to 4.25%. The
Bank issued a hawkish forecast for the path ahead. ANZ in New Zealand
are tipping a 5.75% peak OCR, which is still 150bps away. The Reserve
Bank of New Zealand next meet in 3 months time, on February 22.
In the meantime, Merry Christmas, especially if you have a floating
rate mortgage in New Zealand. Ugh.
is higher for the session, although its off a little from the peak
seen after the RBNZ announcement. Elsewhere across major FX EUR/USD
is an outperformer also. Ranges across major rates have remained
small this pre-FOMC minutes session. The minutes from the Federal
Open Market Committee (FOMC) November 1 and 2 meeting are due at 1900
stock markets were subdued also. Japanese markets were closed for a
holiday. As I update this post Hong Kong’s Hang Seng is around
+0.5%, Shanghai Composite is barely changed.
crypto news, New York Governor Kathy Hochul signed into law a
two-year moratorium on proof-of-work (PoW) cryptocurrency mining.
This is intended to address some of the environmental concerns
(massive mining power use) around cryptocurrencies.