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Plus Get Market Makers AI Forex Trading Software At Our Best Price Yet!Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â Í â MARKET MAKERS DAILY BULLETIN Hello investor We are at the turning point for many global central banks, where they must decide whether to keep hiking rates or go for a pause in their fight against inflation. New Zealand recently hiked interest rates by a 25 basis point but unexpectedly announced that no more hikes could be necessary to clamp down on inflation. As a result, its currency fell for the day. The current Official Cash Rate is 5.5% after its recent rate hike. The Reserve Bankâs Monetary Policy Committeeâs forecasts show that the current rate has peaked with cuts happening in the third quarter of next year. The fact that the central bank took future rate hikes off the table shocked many traders. The kiwi fell as much as 1.3% to its lowest since May 2. Its 2-year bonds fell the most in six months. The countryâs inflation remains high at 6.7% in the first quarter. So, the central bank seems to think that the lagged impact of rate hikes will eventually bring inflation down to its 1-3% target. - âThe real surprise for the market was the RBNZ effectively declaring âmission accomplishedâ on rate hikes,â said Prashant Newnaha, senior Asia-Pacific rates strategist at TD Securities in Singapore. - âQuite clearly this is a board that is content moving to the sidelines, letting prior rate hikes and expectations of the economy entering recession to naturally drive inflation down.â Prashant Newnaha, senior Asia-Pacific rates strategist at TD Securities (Photo: Bloomberg) Regardless, the central bank is confident that inflation will fall on its own without any further rate hikes. - âThe committee is confident that with interest rates remaining at a restrictive level for some time, consumer price inflation will return to within its target range of 1-3% per annum,â the RBNZ said. âInflation is expected to continue to decline from its peak and with it measures of inflation expectations.â Governor Adrian Orr said the committee is comfortable with rates at around 5.5% and believe that they âhave got on top of inflation.â - âAll of the committee were comfortable with the forward path that had interest rates holding around 5.5%,â Orr said. - âSo even those who were thinking letâs hold, there was still that tightening bias. What tipped the balance is really about the committee as a group getting the core confidence that we have got on top of inflation.â OUR REVOLUTIONARY
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