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:
