Published October 06, 2021 1:00 am est
by Richard Cason,
@newsmmforex
@nnmforex
in
Currency Analyst
NewsMovesMarketsForex
Key Take away’s-
- RBZN increase the Official Cash Rate to 0.50 percent
- NZD Weakens Against U.S. Dollar retreats off highs 58 points to down side .6917 level
- Committee agrees to scale back the and reduce the level of Monetary Stimulus
- COVID Delta variant exacerbate bottlenecks in supply chain increase Inflation worries, leading to fuel shortages, and rising risks to Chinese economy.
The Republic Bank of New Zealand committee met on October 06, 2021 and agreed to raise the official cash rate to .50 percent. Upon the news breaking the wire the NZDUSD immediately began to sell off on the Evening Asian Session down as of this writing to the .6919 level. Losing -.52 percent on the trading session, descending from the highs of day of .6977 to session lows of .6917, retreating 60 points to the down side.
The RBNZ committee also noted that it would scale back its current stimulus program “over time with futures moves contingent on the medium-term outlook for inflation and employment.”
