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08 Oct 2024

08 Oct 2024

AUD/NZD: RBNZ delivers

The RBNZ has followed through and crystalized the built-up market expectations by delivering a 50bp interest rate cut at today’s monetary policy review. The move, the second interest rate reduction this cycle, lowers the RBNZ’s Official Cash Rate from 5.25% to 4.75%. The OCR had reached a peak of 5.5% during the RBNZ hiking phase which had put policy settings well into ‘restrictive’ territory. The economic winds of change are blowing hard in NZ. According to the RBNZ inflation is back in the 1-3%pa target band, activity is subdued with business investment and consumption weak, employment conditions have continued to...

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08 Oct 2024

Markets Steady As Payrolls Tumult Subsides

The dollar is consolidating near a seven-week high against its major counterparts as yield differentials normalise and safe-haven demand fades. Treasury yields are moving in opposing directions across the curve, with the two-year slipping lower even as the ten-year inches higher, and North American equity futures are positioned for a modest recovery at the open. Currency markets are seeing mixed price action after Chinese authorities disappointed investors with a smaller-than-expected stimulus announcement: the Canadian dollar and other risk-sensitive units are grinding lower, while the pound, euro, and Japanese yen are all sitting on small gains after coming under sustained selling...

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