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Pressured, RBNZ's Silk Says Rate Need To Stay On Hold For Extended Period

NZD

Comments from the RBNZ's Silk have crossed. She noted that Cyclone Gabrielle was less inflationary than first feared. Also saying that the bank is wary of over tightening and that rates need to stay on hold for an extended period. The bank will be watching to see if the market prices rate cuts too soon.

  • NZD/USD is moderately pressured in the aftermath of the comments. The pair is down ~0.2% and sits at session lows. Yesterday's low at $0.6045 remains intact for now, bear look to target the $0.60 round number resistance.
  • AUD/NZD is a touch firmer, however moves in the cross limited thus far. The pair last prints at $1.0730/40.
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