Monday, August 2, 2010

RBNZ hikes rate to 3.00% in line with expectations


Forex Special  - The Reserve Bank of New Zealand decided to raise the interest rate to 3.00% from its previous 2.75%, matching the expectations of most surveyed economists. While the hike is hawkish, the June 10 statement by the RBNZ made it seem more increases were less likely citing weak economic fundamentals like slow retail and declining housing and net immigration.

RBNZ Interest Rate Decision is announced by the Reserve Bank of New Zealand. If the RBNZ is hawkish about the inflationary outlook of the economy and rises the interest rates it is positive, or bullish, for the NZD.

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