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RBNZ warning sees kiwi weaken most in year

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RBNZ warning sees kiwi weaken most in year

Today, the Reserve Bank of New Zealand indicated that the process of tightening interest rates will be put on hold. So far this year, there has been four rises in the rate. In a statement concerning the decision, the bank said “It is prudent that there now be a period of assessment before interest rates adjust further towards a more neutral level.” The current rate stands at 3.5%.

This announcement was met by a market reaction which brought down the New Zealand’s dollar by a minimum of 1% against the dollar to $0.8593. This marks its weakest level since mid-June and its biggest one-day fall since January.

Graeme Wheeler, the Reserve Bank Governor, had also commented on the matter, saying the currency’s level is “unjustified and unsustainable.”

The news has triggered various responses across the market. This includes speculation among analysts that the central bank could intervene to cap the currency’s advance. “The step-up in rhetoric suggests the RBNZ’s ‘criteria for intervention’ has been met,” said Sam Tuck, analyst at ANZ Research.

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Mauritius,
J. Balcikonio str. 9,
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media contact

About

deVere Group – Foreign Exchange’s Public Relations Department deals with all areas of the media and external communications including international, national, regional, local, trade, consumer, print, broadcast, social and online. The Department aims to provide a helpful service to journalists, broadcasters and editors, amongst others, and reply to all media enquiries, including urgent enquiries out of hours, within agreed deadlines.

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Our press office does not have access to client details and will not be able to assist with individual client enquiries. Please contact deVere Group – Foreign Exchange’s Head of Public Relations on [email protected] or call +44 2071220925.