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
As of the European session on August 14, international spot copper prices (COPPER) continued to fluctuate near historical highs, trading around $14,070, down slightly by 0.3% intraday. De
WTI remains below $80.50 as traders monitor diplomatic efforts to reopen HormuzWest Texas Intermediate (WTI) oil price remains subdued for the third successive day, trading around $80.30 per barrel during the Asian hours on Friday. Crude oil prices edge lower as investors adopt a wait-and-see approach, closely monitoring diplomatic attempts to reopen the Strait of Hormuz.
West Texas Intermediate (WTI) oil price remains subdued for the third successive day, trading around $80.30 per barrel during the Asian hours on Friday. Crude oil prices edge lower as investors adopt a wait-and-see approach, closely monitoring diplomatic attempts to reopen the Strait of Hormuz.
Here is what you need to know on Thursday, August 13:
WTI declines below $82.50 as oil inventories rise far more than expectedWest Texas Intermediate (WTI), the US crude oil benchmark, is trading around $82.45 during the early Asian trading hours on Thursday. WTI declines on a larger-than-expected build in US crude oil inventories. Traders will closely monitor the developments surrounding US-Iran talks for fresh impetus.
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $82.45 during the early Asian trading hours on Thursday. WTI declines on a larger-than-expected build in US crude oil inventories. Traders will closely monitor the developments surrounding US-Iran talks for fresh impetus.
During Wednesday's Asian trading session, spot gold (XAUUSD) extended its rebound, reclaiming $4,400/oz. As of 11:08 Beijing time on August 12, spot gold was trading at $4,414.705/oz, up
