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RBNZ cash rate hike by 25bp as expected


Forex news for trading in Asia on Wednesday, November 24, 2021

RBNZ, Read from bottom to top for the time sequence:

Other:

The Reserve Bank of New Zealand today announced the expected 0.25% hike in its key rate and charted a more aggressive course for further hikes. At his press conference, Governor Orr again said 25bp hikes are appropriate for now after there was substantial speculation in the markets for a 50bp hike today.

The NZD / USD has since traded lower after the announcement and continued its decline after Orr’s press conference. The AUD / USD fell at the same time. From Australia today we had third quarter construction data that came in negative with lockdowns having an impact, but not as bad as widely expected.

EUR / USD gained on obvious new news, as did CAD against USD as the aftermath of the release of Biden’s oil reserves pushed oil prices higher. The USD / CAD subsequently experienced a certain retracement.

USD / CHF and USD / JPY edged up but USD / JPY broke off its session high. The cable is little changed.

Markets are awaiting the Federal Open Market Committee’s November minutes, which are due for release Wednesday US time. Note that Wednesday is the last full day of trading for the US markets for that week, Thursday is the Thanksgiving holiday.

NZD / USD:


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