RBNZ's Orr: Confident current official rate is restricting demand
Source Fxstreet
The Reserve Bank of New Zealand Governor Adrian Orr said on Thursday that he was confident the current official cash rate was restricting demand but it has to stay at the current levels to curb inflation, per Reuters.
Key quotes
"We're in a position where we are locked in saying inflation is going to be returning (to the 1%-3% target band) but that is subject to us retaining a restrictive stance with the official cash rate.”
"Domestically, the economy is behaving as anticipated with interest rates where they are and the terms of trade where they are so spending is subdued and inflation has declined.“
Market reaction
NZD/USD extends its downside following Orr’s comments. The pair is currently trading at 0.6090, down 0.12% on the day.
Disclaimer: For information purposes only. Past performance is not indicative of future results.
Recommended Articles
‘War Against Bitcoin Miners’: US Investment Firm Sparks Industry BacklashKerrisdale Capital, a US investment firm, set off a storm of reactions on Wednesday with a series of public communications aggressively targeting Bitcoin mining companies. In a multi-part thread on X, Kerrisdale announced its campaign against what it describes as “snake oil salesmen” in the BTC mining industry, accusing them of being both a financial […]
Kerrisdale Capital, a US investment firm, set off a storm of reactions on Wednesday with a series of public communications aggressively targeting Bitcoin mining companies. In a multi-part thread on X, Kerrisdale announced its campaign against what it describes as “snake oil salesmen” in the BTC mining industry, accusing them of being both a financial […]
TradingKey - When it comes to US economic data, the Nonfarm Payrolls (NFP) is indeed one of the most significant indicators. This employment report, covering more than 90% of the employed population i
Gold price attracts some buyers near the $3,312-3,311 region during the Asian session on Monday and fills a modest bearish gap opening amid subdued USD price action.
Solana (SOL) price extends its recovery, trading above $192 at the time of writing on Monday, after rebounding from the ascending trendline support last week.
Silver (XAG/USD) builds on the previous day's positive move and gains strong follow-through traction for the second straight day on Tuesday.
