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New Zealand Dollar Turns to US CPI Report After RBNZ 50-Baisis Point Rate Hike
The New Zealand Dollar hardly noticed the Reserve Bank of New Zealand (RBNZ) delivering another 50-basis point rate hike. This brought the Official Cash Rate to 2.5% from 2.0% prior, marking the third increment of 50bps moves since earlier this year. Yet, no excitement? These are indeed strange times with central banks around the world having to work extra hard to curtail elevated inflationary pressures. The lack of action in NZD/USD could have been explained by a market that saw little to no surprise, with large moves now the new norm for many developed central banks. Looking at market expectations, it seems traders ... (full story)