NZD is poised to grow. Overview for 12.07.2023
The New Zealand dollar looks positive against the US dollar. The current NZDUSD quote is 0.6224.
The Reserve Bank of New Zealand left the interest rate at the level of 5.5% per annum at the meeting in July. In the comments, the RBNZ confirmed that previous decisions to raise the interest rate had caused the planned effect: they limited expenses and held back inflation growth.
It has been mentioned that consumer spending dropped after the 20-month cycle of interest rate hikes alongside activity in housing construction. Simultaneously, housing prices decreased to more stable levels.
It is worth mentioning that the RBNZ, trying to beat inflation, has raised the interest rate by 525 basis points since October 2021. This is the most aggressive monetary policy phase since the interest rate was introduced in 1999. The regulator is likely to leave the interest rate at the current limiting level. As for inflation parameters, the CB thinks that it will drop from the peak.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboMarkets bears no responsibility for trading results based on trading opinions described in these analytical reviews.
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