<p>Reserve Bank of New Zealand: </p><ul><li><a href=”https://www.forexlive.com/centralbank/still-to-come-from-the-rbnz-testimony-due-on-thursday-24-november-2022-local-time-20221123/”>Still to come from the RBNZ – testimony due on Thursday, 24 November 2022 (local time)</a></li><li><a href=”https://www.forexlive.com/centralbank/more-from-the-rbnz-news-conference-tightening-cycle-mature-closer-to-end-than-beginning-20221123/”>More from the RBNZ news conference: Tightening cycle mature, closer to end than beginning</a></li><li><a href=”https://www.forexlive.com/centralbank/anz-are-now-forecasting-an-rbnz-peak-cash-rate-at-575-vs-current-ocr-at-425-20221123/”>ANZ are now forecasting an RBNZ peak cash rate at 5.75% (vs. current OCR at 4.25%)</a></li><li><a href=”https://www.forexlive.com/centralbank/rbnz-orr-says-it-will-be-a-shallow-recession-20221123/”>RBNZ Orr says it will be a shallow recession</a></li><li><a href=”https://www.forexlive.com/centralbank/responses-to-the-rbnz-75bp-rate-hike-asb-forecast-cash-rate-at-55-by-april-2023-20221123/”>Responses to the RBNZ +75bp rate hike – ASB forecast cash rate at 5.5% by April 2023</a></li><li><a href=”https://www.forexlive.com/centralbank/headlines-greeting-the-rbnz-rate-hike-new-zealand-delivers-its-biggest-rate-hike-ever-20221123/”>Headlines greeting the RBNZ rate hike: “New Zealand delivers its biggest rate hike ever”</a></li><li><a href=”https://www.forexlive.com/centralbank/rbnz-raise-cash-interest-rate-target-by-75bp-to-425-as-widely-expected-20221123/”>RBNZ raise cash interest rate target by +75bp to 4.25%, as widely expected</a></li></ul><p>Other:</p><ul><li><a href=”https://www.forexlive.com/centralbank/pboc-sets-usd-cny-reference-rate-for-today-at-71281-20221123/”>PBOC sets USD/ CNY reference rate for today at 7.1281</a></li><li><a href=”https://www.forexlive.com/news/violent-protests-erupt-at-apples-main-iphone-plant-in-china-bloomberg-with-the-headline-20221123/”>Violent protests erupt at Apple’s main iPhone plant in China – Bloomberg with the headline</a></li><li><a href=”https://www.forexlive.com/centralbank/pboc-adviser-says-that-there-is-limited-room-for-china-to-cut-interest-rates-20221123/”>PBOC adviser says that there is limited room for China to cut interest rates</a></li><li><a href=”https://www.forexlive.com/centralbank/boe-chief-economist-pill-is-speaking-on-wednesday-23-november-2022-on-inflation-policy-20221123/”>BoE Chief Economist Pill is speaking on Wednesday, 23 November 2022 – on inflation policy</a></li><li><a href=”https://www.forexlive.com/news/magnitude-6-earthquake-in-western-turkey-20221123/”>Magnitude 6 earthquake in Western Turkey</a></li><li><a href=”https://www.forexlive.com/news/new-zealand-finance-minister-robertson-says-the-economy-faces-significant-challenges-20221123/”>New Zealand Finance Minister Robertson says the economy faces significant challenges</a></li><li><a href=”https://www.forexlive.com/news/singapore-q3-gdp-11-qq-expected-15-prior-63-20221123/”>Singapore Q3 GDP +1.1% q/q (expected 1.5%, prior +6.3%)</a></li><li><a href=”https://www.forexlive.com/news/anz-see-gold-lower-to-test-support-20221122/”>ANZ see gold lower to test support</a></li><li><a href=”https://www.forexlive.com/news/more-china-covid-chengdu-city-to-conduct-mass-testing-for-5-days-20221122/”>More China COVID – Chengdu city to conduct mass testing for 5 days</a></li><li><a href=”https://www.forexlive.com/news/deutsche-bank-on-china-covid-added-to-existing-fears-about-a-us-recession-20221122/”>Deutsche Bank on China COVID – added to existing fears about a US recession</a></li><li><a href=”https://www.forexlive.com/news/boa-on-china-covid-flaring-up-again-many-people-will-only-reluctantly-re-engage-20221122/”>BoA on China COVID flaring up, again – “many people will only reluctantly re-engage”</a></li><li><a href=”https://www.forexlive.com/news/more-on-g7-price-cap-on-russian-oil-will-probably-adjust-the-level-a-few-times-a-year-20221122/”>More on G7 price cap on Russian oil – will probably adjust the level a few times a year</a></li><li><a href=”https://www.forexlive.com/news/oil-private-survey-of-inventory-shows-larger-than-expected-headline-draw-20221122/”>Oil – private survey of inventory shows larger than expected headline draw</a></li><li><a href=”https://www.forexlive.com/news/australia-preliminary-pmi-november-manufacturing-515-prior-527-services-472-493-20221122/”>Australia preliminary PMI November: Manufacturing 51.5 (prior 52.7) & Services 47.2 (49.3)</a></li><li><a href=”https://www.forexlive.com/news/china-has-held-off-on-buying-russian-oil-awaiting-the-price-cap-to-get-it-even-cheaper-20221122/”>China has held off on buying Russian oil – awaiting the price cap to get it even cheaper</a></li><li><a href=”https://www.forexlive.com/news/us-treaury-issues-guidance-on-how-to-implement-the-price-cap-on-russian-crude-20221122/”>US Treasury issues guidance on how to implement the price cap on Russian crude</a></li><li><a href=”https://www.forexlive.com/news/forexlive-americas-fx-news-wrap-stocks-higher-yieldsdollar-lower-20221122/”>Forexlive Americas FX news wrap: Stocks higher. Yields/Dollar lower.</a></li><li><a href=”https://www.forexlive.com/news/goldman-sachs-sees-room-for-the-us-dollar-to-move-even-higher-in-2023-before-topping-out-20221122/”>Goldman Sachs sees room for the US dollar to move even higher in 2023 (before topping out)</a></li><li><a href=”https://www.forexlive.com/news/wall-street-journal-iran-says-it-has-stepped-up-production-of-highly-enriched-uranium-20221122/”>Wall Street Journal: Iran Says It Has Stepped Up Production of Highly Enriched Uranium</a></li><li><a href=”https://www.forexlive.com/news/chatter-of-an-opec-oil-supply-increase-wont-go-away-20221122/”>Chatter of an OPEC+ oil supply increase won’t go away</a></li><li><a href=”https://www.forexlive.com/news/major-us-indices-close-higher-gains-led-by-the-nasdaq-and-the-sp-indices-20221122/”>Major US indices close higher. Gains led by the Nasdaq and the S&P indices.</a></li></ul><p class=”western”>
RBNZ hiked their cash rate target
for a ninth consecutive meeting today.
It was by
a 75bp hike.
the Official Cash Rate (OCR)
from 3.5% to 4.25%. The
Bank issued a hawkish forecast for the path ahead. ANZ in New Zealand
are tipping a 5.75% peak OCR, which is still 150bps away. The Reserve
Bank of New Zealand next meet in 3 months time, on February 22.
In the meantime, Merry Christmas, especially if you have a floating
rate mortgage in New Zealand. Ugh.
is higher for the session, although its off a little from the peak
seen after the RBNZ announcement. Elsewhere across major FX EUR/USD
is an outperformer also. Ranges across major rates have remained
small this pre-FOMC minutes session. The minutes from the Federal
Open Market Committee (FOMC) November 1 and 2 meeting are due at 1900
stock markets were subdued also. Japanese markets were closed for a
holiday. As I update this post Hong Kong’s Hang Seng is around
+0.5%, Shanghai Composite is barely changed.
crypto news, New York Governor Kathy Hochul signed into law a
two-year moratorium on proof-of-work (PoW) cryptocurrency mining.
This is intended to address some of the environmental concerns
(massive mining power use) around cryptocurrencies. Its quite restrictive. </p><p>NZD/USD:</p>
This article was written by Eamonn Sheridan at forexlive.com.