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During its July 2024 policy meeting, the Reserve Bank of New Zealand maintained its official cash rate (OCR) at 5.5%, marking the eighth consecutive rate pause and aligning with market expectations. The Committee noted that the restrictive monetary policy has been effective in reducing capacity pressures and consumer price inflation.
Headline inflation dropped to 4% in Q1 2024, reaching a nearly three-year low, though still above the 1-3% target range. Despite this, policymakers anticipate inflation will return to the target range in the second half of the year. As a result, the Committee agreed to keep monetary policy restrictive, with plans to gradually adjust the degree of restraint as inflation pressures are expected to decline.
The labor market has also shown signs of easing, attributed to cautious hiring practices and an increased labor supply. Overall, while progress has been made, the Reserve Bank remains committed to its restrictive stance to ensure inflation continues its downward trajectory towards the target range.
The New Zealand dollar (Kiwi) weakened against a strengthening US dollar following Fed Chair Powell’s Senate testimony reaffirming caution on rate cuts. The Kiwi fell to approximately $0.607.
(NZDUSD Weekly Chart)
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Risk Warning: Trading Forex and CFDs carries the risk of losing substantially more than your initial investment and should only be traded with money you can afford to lose. You do not own or have any rights to the assets that underlying the derivatives (such as the right to receive dividend payments). Ensure you fully understand the risks involved. Trading leveraged products may not be suitable for all investors. Before trading, please take into consideration your level of experience, investment objectives and seek independent financial advice if necessary. Please consider our legal documents and ensure that you fully understand the risks before you make any trading decisions.
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Ultima Markets, a trading name of Ultima Markets Ltd, is authorized and regulated by the Financial Services Commission "FSC" of Mauritius as an Investment Dealer (Full-Service Dealer, excluding Underwriting) (license No. GB 23201593). The registered office address: 2nd Floor, The Catalyst, 40 Silicon Avenue, Ebene Cybercity, 72201, Mauritius.
HuaPrime EU Ltd, registered number HE423188, and with a business address at Georgiou Griva Digeni 122A, Kallinicos Court, Shop 1—Upper level, Neapolis, 3101 Limassol, Cyprus, is regulated by the Cyprus Securities and Exchange Commission, which has CIF license number 426/23.
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