Previous Trading Days Events 29 Nov 2023

The Reserve Bank of New Zealand RBNZ held the cash rate steady according to the latest report but noted that inflation remained too high. It warned that further policy tightening might be needed if prices remain sticky causing the market to react with NZD strong appreciation at the time of the release.

The RBNZ kept the official cash rate OCR at 5.5 as expected, but the hawkish tone of the statement caused a surprise and the aforementioned effect on the NZD.

If inflationary pressures were to be stronger than anticipated, the OCR would likely need to increase further, it said in a statement. New Zealands annual inflation has come off in recent quarters and is currently 5.6, with expectations that it will return to its target band by the second half of 2024.

Interest rates will need to remain at a restrictive level for a sustained period of time so that consumer price inflation returns to target and to support maximum sustainable employment, the statement said.

Source httpswww.reuters.commarketsratesbondsnewzealandkeepsratesholdwarnshikesmaynotbeover20231129

Winners vs Losers

Metals currently hold the top positions for the week. Silver climbed to the top of the list this week, having 2.82 gains so far, while it also remains at the top of the months winners list with 9.59 gains.
The dollar pairs with the dollar as the quote currency are in the top positions since the dollar has been losing value steadily since the 24th…