Rbnz

Stating that the next OCR direction is likely to be down, RBNZ crunched their way out of the neutral gear whilst NZD traders burned rubber towards the exit.

In the middle of the week, the RBNZ opted to leave its primary interest rate unchanged at 1.75%, where the central bank expects it to remain for a “considerable period.” Governor Orr and company noted that there were both upside and downside risks to inflation; therefore, the next change to interest rates could either be higher or lower.

The major FX pairs further extended their losses earlier this morning, before rebounding to turn green on the day as North American participants slowly made their way to their trading stations.