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☆ Sterling steady, dollar wobbles as markets brace for post-Thanksgiving buzz
▼ + stars: | 2023-11-27 | by ( ) www.cnbc.com time to read: +4 min

In this photo illustration, a old British £1 note is pictured with a one Dollar bill note on November 05, 2023 in Bath, England. The Australian dollar likewise stood near a roughly three-month high and last bought $0.6578, ahead of domestic inflation data on Wednesday. The weakening greenback provided some respite for the Japanese yen , which sat on the stronger side of 150 per dollar and last stood at 149.52 per dollar. The New Zealand dollar eased 0.1% to $0.6076, but was likewise hovering near Friday's more than three-month high of $0.6096. "I think the issues in the Middle East have definitely become more of a background risk," said CBA's Kong.

Persons: Sterling, Carol Kong, Jane Foley, CBA's Organizations: Federal, Reserve Bank of New, PMI, Bank of England, Commonwealth Bank of Australia, U.S ., U.S, Rabobank, Fed, New Zealand, Israel Locations: Bath, England, OPEC, Australia, Reserve Bank of New Zealand, Friday's, U.S, East, Gaza

TOKYO (AP) — Asian shares retreated Monday as investors awaited updates on consumer spending and inflation in the U.S. and other nations. While analysts expect them to stand pat on policy, attention remains relatively high, given concerns about inflation. Wall Street ended last week mixed with a half-day trading session that capped a fourth straight winning week. The holiday shopping season kicked off with Black Friday amid concerns that spending may slow under pressure from dwindling savings, rising credit card debt and inflation. The major stock indexes’ latest weekly gains reflect a turnaround in the market’s sentiment in November following a three-month slide.

Persons: ” Yeap Jun Rong, Hong, Hang Seng, Brent, Yuri Kageyama Organizations: TOKYO, Nikkei, IG, Shanghai, Reserve Bank of New, Bank of Korea, Bank of, Black, Dow Jones, Nasdaq, Nvidia, Google, CF Industries, Federal Reserve, Treasury, Benchmark, New York Mercantile Exchange, U.S Locations: U.S, China, Reserve Bank of New Zealand, Bank of Thailand

New Zealand's Foreign Minister Winston Peters arrives at a news conference after he attended an emergency meeting of the Organisation of Islamic Cooperation (OIC) in Istanbul, Turkey, March 22, 2019. The role of deputy prime minister, a key sticking point in the discussions, will be split between the populist NZ First party leader Winston Peters and ACT party leader David Seymour, the group announced in a statement. National Party deputy leader Nicola Willis will be finance minister and Peters will be foreign minister, the parties said. The coalition plans to repeal a ban on offshore oil and gas exploration and a ban on the sale of cigarettes to future generations introduced by the previous Labour government, according to coalition documents. "Foreign affairs does matter to this country.... all relationships do matter to this country," Peters said in a joint news conference in the capital Wellington after the announcement.

Persons: Winston Peters, Murad Sezer, David Seymour, Nicola Willis, Peters, Christopher Luxon, Luxon, ” Luxon, Jacinda, Helen Clark, Lucy Craymer, Praveen Menon, Diane Craft Organizations: Zealand's, of Islamic Cooperation, REUTERS, ACT NZ, National Party, NZ First, ACT, Party, Reserve, New Zealand, Bank of New, Labour, “, New Zealanders, Police, Thomson Locations: Istanbul, Turkey, WELLINGTON, Bank of New Zealand, Wellington, Niue

A view shows the logo of the European Central Bank (ECB) outside its headquarters in Frankfurt, Germany March 16, 2023. Central banks in Sweden, Switzerland, Norway, Great Britain and the United States held no rate setting meetings. That compares to September, where three major developed central banks delivered a last-gasp set of rate hikes, which took 2023 the year-to-date tally for G10 central banks to a total of 1,150 bps across 36 hikes. Emerging markets interest rate moves in Oct 2023Meanwhile, diverging rate trajectories continued to be on display in emerging economies where 12 out of the 18 central banks in the Reuters sample held meetings in October. Central banks in Brazil, Mexico, South Africa, Thailand, Malaysia and Czech Republic did not meet in October.

Persons: Heiko Becker, Fabiana Fedeli, Barnaby Martin, Karin Strohecker, Sumanta Sen, Jonathan Oatis Organizations: European Central Bank, REUTERS, Bank of Japan, Reserve Bank of Australia, Reserve Bank of New, Bank of Canada, Fed, Bank of England, G Investments, U.S . Federal, Reuters, BofA Securities, Thomson Locations: Frankfurt, Germany, Central, America, Europe, Asia, Reserve Bank of New Zealand, Sweden, Switzerland, Norway, Great Britain, United States, Chile, Hungary, Poland, Indonesia, Philippines, Russia, Turkey, Brazil, Mexico, South Africa, Thailand, Malaysia, Czech Republic

☆ Inflation to dog world economy next year, postponing rate cuts: Reuters poll
▼ + stars: | 2023-10-27 | by ( Hari Kishan | ) www.reuters.com time to read: +4 min

Despite broad success in bringing inflation down from its highs - the easier bit - prices are still rising faster than most central banks would prefer and hitting their inflation targets is likely to be tough. The Reserve Bank of New Zealand, which often leads the interest rate cycle, was also forecast to wait until July-September 2024 before cutting. The majority backing no cuts until the second half of 2024 has also grown stronger for the Reserve Bank of Australia, Bank Indonesia and the Reserve Bank of India. Even the Bank of Japan, the outlier sticking to ultra-loose policy through this entire round of inflation, is now expected to abandon negative interest rates next year. Crucially, most economists agree the first easing steps will not be the beginning of a rapid series of cuts.

Persons: Sarah Silbiger, Christine Lagarde, Douglas Porter, it's, Nathan Sheets, Hari Kishan, Ross Finley, Tomasz Janowski Organizations: El Progreso Market, Washington , D.C, REUTERS, Reuters, U.S . Federal Reserve, European Central Bank, ECB, Fed, BMO, Reserve Bank of New, Reserve Bank of Australia, Bank, Reserve Bank of India, Bank of Japan, Citi, Thomson Locations: Mount Pleasant, Washington ,, BENGALURU, Reserve Bank of New Zealand, Bank Indonesia, Bengaluru, Buenos Aires, Cairo, Istanbul, Johannesburg, London, Shanghai, Tokyo

☆ Big central banks hit pause, with rate cuts far off
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +5 min

On Oct. 23, Fed Chair Jay Powell said a strong economy and tight jobs market could warrant more rate rises. Interest rate futures show traders believe the BoE will not cut rates, now at their highest since 2008, until at least June 2024. "The Governing Council’s past interest rate increases continue to be transmitted forcefully into financing conditions," the ECB said, adding it would follow a "data-dependent" approach and future decisions would be based on incoming data. Prime Minister Jonas Gahr Stoere told parliament last week interest rates may have peaked. Reuters Graphics Reuters Graphics8) AUSTRALIAThe Reserve Bank of Australia held rates steady at 4.1% for a fourth meeting in October.

Persons: Jonathan Ernst, Jay Powell, BoE, Jonas Gahr Stoere, Michele Bullock, Naomi Rovnick, Harry Robertson, Alun John, Yoruk Bahceli, Samuel Indyk, Chiara Elisei, Kripa Jayaram, Pasit, Riddhima, Sumanta Sen, Vineet, Amanda Cooper, Giles Elgood Organizations: . Federal, REUTERS, European Central Bank, Federal Reserve, Bank of England, UNITED, Reuters, Reserve Bank of New Zealand, BRITAIN, Bank of Canada, BoC, ECB, Norges Bank, Reuters Graphics Reuters, Reserve Bank of Australia, Bank of Japan, Thomson Locations: Washington, Japan, hawkish, dovish, NORWAY, SWEDEN Sweden, SWITZERLAND, Swiss, Gaza, JAPAN

☆ New Zealand's economy poses challenge for election victor
▼ + stars: | 2023-10-11 | by ( Lucy Craymer | ) www.reuters.com time to read: +5 min

[1/2] Christopher Luxon, Leader of the National Party, speaks at the New Zealand National Party’s election campaign launch in Auckland, New Zealand, September 3, 2023. That will stiffen the challenge for the nation's two major parties, the centre-left Labour Party and the centre-right National Party, to deliver its agenda where rising prices and government debt have been hot-button election issues. At the same time government borrowing costs are increasing and the country’s ballooning current account deficit poses a risk to the country’s credit rating. Kelly Eckhold, chief economist at Westpac New Zealand said tough fiscal choices face an incoming government. ($1 = 1.6551 New Zealand dollars)Reporting by Lucy Craymer Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

Persons: Christopher Luxon, David Rowland, won’t, Kelly Eckhold, ”, Lucy Craymer, Shri Navaratnam Organizations: National Party, New Zealand National, REUTERS, Rights, Labour Party, Bank, Bank of New, National, Statistics New Zealand, Reserve Bank of New, Labour, NZ, Westpac New Zealand, Zealand, Thomson Locations: Auckland , New Zealand, Bank of New Zealand, New Zealand, Zealanders, Reserve Bank of New Zealand

☆ New Zealand's Economy Poses Challenge for Election Victor
▼ + stars: | 2023-10-10 | by ( Oct. | At P.M. | ) www.usnews.com time to read: +4 min

That will stiffen the challenge for the nation's two major parties, the centre-left Labour Party and the centre-right National Party, to deliver its agenda where rising prices and government debt have been hot-button election issues. “The Reserve Bank will need the government to do its bit if it is to cap the cash rate at the 5.5% it currently suggests,” analysts at Bank of New Zealand said in a note. DEBT, AND MORE DEBTThe biggest challenge for many New Zealanders is mortgage rates. At the same time government borrowing costs are increasing and the country’s ballooning current account deficit poses a risk to the country’s credit rating. Kelly Eckhold, chief economist at Westpac New Zealand said tough fiscal choices face an incoming government.

Persons: Lucy Craymer WELLINGTON, won’t, Kelly Eckhold, ”, Lucy Craymer, Shri Navaratnam Organizations: Reuters, Labour Party, National Party, Bank, Bank of New, National, Statistics New Zealand, Reserve Bank of New, Labour, NZ, Westpac New Zealand, Zealand Locations: Bank of New Zealand, New Zealand, Zealanders, Reserve Bank of New Zealand

☆ Dollar pauses rally as markets brace for US nonfarm payrolls test
▼ + stars: | 2023-10-06 | by ( Rae Wee | ) www.reuters.com time to read: +3 min

Four thousand U.S. dollars are counted out by a banker counting currency at a bank in Westminster, Colorado November 3, 2009. The dollar index , which earlier in the week hit a roughly 11-month high of 107.34, last settled at 106.37, but remained on track for 12 straight weeks of gains. The benchmark 10-year Treasury yield last stood at 4.7269%, while the two-year yield settled at 5.0267%. The pause in the dollar's rally has also provided a much-needed reprieve for the yen , which last bought 148.48 per dollar. Sterling edged 0.03% lower to $1.2188 and was likewise headed for five straight weeks of losses, struggling against a dominant dollar.

Persons: Rick Wilking, Rodrigo Catril, We've, Vishnu Varathan, Thierry Wizman, Rae Wee, Shri Navaratnam Organizations: REUTERS, Rights, . Treasury, greenback, U.S, Treasury, National Australia Bank, Bank of Japan, Ministry of Finance, Mizuho Bank ., Sterling, European Central Bank, Bank of England, Reserve Bank of Australia, New Zealand, Reserve Bank of New, Thomson Locations: Westminster , Colorado, Rights SINGAPORE, U.S, Reserve Bank of New Zealand

☆ Dollar pauses rally as markets brace for U.S. nonfarm payrolls test
▼ + stars: | 2023-10-06 | by ( ) www.cnbc.com time to read: +3 min

The dollar dipped on Friday but traders were largely keeping to the sidelines in both the currency and U.S. Treasury markets as they looked to U.S. nonfarm payrolls data later in the day for potential catalysts. The dollar index , which earlier in the week hit a roughly 11-month high of 107.34, last settled at 106.37, but remained on track for 12 straight weeks of gains. The benchmark 10-year Treasury yield last stood at 4.7269%, while the two-year yield settled at 5.0267%. The pause in the dollar's rally has also provided a much-needed reprieve for the yen , which last bought 148.48 per dollar. Sterling edged 0.03% lower to $1.2188 and was likewise headed for five straight weeks of losses, struggling against a dominant dollar.

Persons: Rodrigo Catril, We've, Vishnu Varathan, Thierry Wizman Organizations: . Treasury, greenback, U.S, Treasury, National Australia Bank, Bank of Japan, Ministry of Finance, Mizuho Bank ., Sterling, European Central Bank, Bank of England, Reserve Bank of Australia, New Zealand, Reserve Bank of New Locations: U.S, Reserve Bank of New Zealand

☆ NZ central bank holds rates, signals higher hurdle to further hikes; kiwi tumbles
▼ + stars: | 2023-10-04 | by ( Lucy Craymer | ) www.reuters.com time to read: +3 min

View of an entrance to the Reserve Bank of New Zealand in Wellington, New Zealand November 10, 2022. “Interest rates are constraining economic activity and reducing inflationary pressure as required,” the central bank said in a statement. The past RBNZ rate hikes have sharply slowed New Zealand’s economy but recent data showed it was tracking above central bank expectations at 0.9% quarterly growth. The central bank releases a comprehensive update of economic indicators and the forecast official cash rate track when it publishes its quarterly Monetary Policy Statement (MPS), which is due on Nov. 29. “The Bank appears content to wait for restrictive policy settings to fully feed through to the real economy,” analysts at Capital Economics in a note.

Persons: Lucy Craymer, ”, Kelly Eckhold, “ Organizations: WELLINGTON, Reuters, Reserve Bank of New, REUTERS, Bank of New Zealand, New Zealand, Westpac NZ, U.S . Federal Reserve, Capital Economics Locations: Reserve Bank of New Zealand, Wellington , New Zealand, Global, New Zealand

☆ Yen cowers near 150 as intervention chatter runs rife
▼ + stars: | 2023-10-04 | by ( Rae Wee | ) www.reuters.com time to read: +4 min

[1/3] Japanese yen and U.S. dollar banknotes are seen with a currency exchange rate graph in this illustration picture taken June 16, 2022. Japanese authorities last year intervened to prop up the yen for the first time since 1998. Other currencies similarly fell against the yen in the previous session, with the euro losing more than 1.5% to a low of 154.39 yen. Sterling edged 0.03% lower to $1.20745, languishing near the previous session's close to seven-month low of $1.20535. Meanwhile, Cleveland Fed President Loretta Mester said she is open to raising interest rates again.

Persons: Florence Lo, James Malcolm, Masato Kanda, Janet Yellen, Rodrigo Catril, Raphael Bostic, Loretta Mester, Rae Wee, Sam Holmes Organizations: U.S, REUTERS, Rights, UBS, Tokyo, Treasury, Sterling, National Australia Bank, Atlanta Fed, Cleveland Fed, New Zealand, Reserve Bank of New Zealand, Thomson Locations: Rights SINGAPORE, Asia, Washington, Japan

☆ CNBC Daily Open: High rates are breaking something new in markets
▼ + stars: | 2023-10-04 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

Traders work on the floor of the New York Stock Exchange during afternoon trading on July 18, 2023 in New York City. This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. House Speaker, mutedEight hardline conservative Republicans joined all Democrats to oust Republican Kevin McCarthy as speaker in a "motion to vacate" introduced by Republican Matt Gaetz. Patrick McHenry, a close McCarthy ally, will assume the role of speaker temporarily; McCarthy said he won't be running again.

Persons: Kospi, CBRE, Knight Frank, Republican Kevin McCarthy, Matt Gaetz, Patrick McHenry, McCarthy Organizations: New York Stock Exchange, CNBC, Dow Jones, Treasury, Nikkei, Reserve Bank of New Zealand, Japan's, U.S, Republicans, Democrats, Republican, Citi Locations: New York City, Asia, Pacific, Canada

☆ Morning Bid: Bond steamroller flattens all
▼ + stars: | 2023-10-04 | by ( ) www.reuters.com time to read: +5 min

Banknotes of Japanese yen and U.S. dollar are seen in this illustration picture taken September 23, 2022. That's all on top of the ongoing rethink of the Fed's long-term rate horizon and increasingly high-pressure economy. Hit from all sides, the Treasury market is simply in ructions - catalysed perhaps by technical, speculative and positioning factors too. Ten-year yields hit a whopping 4.88% early on Wednesday - an increase of 80 basis points in little over a month. And implied volatility in the bond market (.MOVE) hit its highest since May.

Persons: Florence Lo, Mike Dolan, Kevin McCarthy, Michelle Bowman, Austan Goolsbee, Jeffrey Schmid, St, Louis Fed, Kathleen O'Neill Paese, Mehmet Simsek, Bernadette Baum Organizations: U.S, REUTERS, Congress, riven, Federal Reserve, Bank of, Treasury, Nasdaq, Reserve Bank of New, P Global, U.S . Federal Reserve, Chicago Fed, Kansas City Fed, Turkish, Thomson, Reuters Locations: U.S, Washington, Asia, Europe, Reserve Bank of New Zealand, Kansas, London

REUTERS/Jonathan Ernst Acquire Licensing RightsOct 4 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. The Japanese yen? Japanese stocks had already slumped to a four-month low before the yen's sudden burst of strength. Purchasing managers index reports from Japan, Australia and South Korea will be released, and the Reserve Bank of New Zealand announces its latest interest rate decision on Wednesday. The RBNZ is widely seen holding its key interest rate at 5.50% - the highest in nearly 15 years - and keep it there at least until March before lowering it shortly after.

Persons: Kevin McCarthy, McCarthy's, Jonathan Ernst, Jamie McGeever, Bond, Bill Gross, Fed's Schmid, Bowman, Goolsbee, Josie Kao Organizations: U.S, Capitol, REUTERS, New York Fed, Nikkei, Reserve Bank of New Zealand, Thomson, Reuters Locations: Washington , U.S, Japan, Washington, Swiss, U.S, Asia, Australia, South Korea, Zealand, Korea

Oct 2 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. But Chinese purchasing managers index data over the weekend, which pointed to mixed levels of services and manufacturing activity last month, may put a dampener on that. Investors will be looking to start the fourth quarter on a positive note after a pretty awful third quarter. Monday's batch of PMI reports include the latest snapshots from Australia, Japan and Indonesia, while Japan's closely watched 'tankan' survey of business sentiment and activity will also be released. Meanwhile, the Reserve Bank of Australia, Reserve Bank of New Zealand and Reserve Bank of India are all expected to keep their key interest rates on hold at 4.10%, 5.5% and 6.5%, respectively.

Persons: Jamie McGeever, Japan's, Richard Chang Organizations: U.S . Congress, PMI, Golden, Monetary, Reserve Bank of Australia, Reserve Bank of New, Reserve Bank of, Bank of Japan, Thomson, Reuters Locations: Beijing, Australia, Japan, Indonesia, India, New Zealand, South Korea, Philippines, Thailand, Taiwan, Reserve Bank of New Zealand, Reserve Bank of India

☆ New Zealand economy expands faster than expected
▼ + stars: | 2023-09-20 | by ( Lucy Craymer | ) www.reuters.com time to read: +3 min

Shoppers walk in front of a retail shop displaying a sale sign in central Wellington, New Zealand, July 3, 2017. Annual growth increased to 1.8%, Statistics New Zealand data showed, above expectations of 1.2%. "It's a victory for the New Zealand economy and for the people who work hard every single day to deliver high quality jobs," Finance Minister Grant Robertson told reporters. The handling of the economy has been a central theme in this year's election with the opposition criticising the government's role in record high inflation and the slowing economy. The Reserve Bank of New Zealand (RBNZ) has been forecasting the economy would slip into recession in the second half of 2023.

Persons: David Gray, Gabrielle, Grant Robertson, Lucy Craymer, Sonali Paul Organizations: REUTERS, Statistics, New Zealand, U.S . Federal, Labour, New, Finance, ASB, Reserve Bank of New Zealand, Thomson Locations: Wellington , New Zealand, WELLINGTON, Statistics New Zealand, Zealand, New Zealand

☆ Crunch time after string of aggressive central bank rate hikes
▼ + stars: | 2023-09-14 | by ( ) www.reuters.com time to read: +5 min

Major central banks have confounded economists with a string of interest rate rises that, so far, have moderated inflation without causing global recession. So far, nine developed economies have raised rates by a combined 3,915 bps in this cycle. Reuters Graphics2) NEW ZEALANDThe Reserve Bank of New Zealand lifted its cash rate to a 14-year high of 5.5% in May and has kept it there since. Reuters Graphics7) AUSTRALIAThe Reserve Bank of Australia kept rates steady at 4.1% for a third consecutive meeting in September, the last under former Governor Philip Lowe. Reuters Graphics10) JAPANThe Bank of Japan, the world's most dovish major central bank, meets next week.

Persons: BoE, Macklem, Philip Lowe, Lowe's, Michele Bullock, Naomi Rovnick, Harry Robertson, Samuel Indyk, Nell Mackenzie, Alun John, Yoruk Bahceli, Chiara Elisei, Vincent Flasseur, Sumanta Sen, Pasit, Dhara Ranasinghe, Sharon Singleton Organizations: European Central Bank, U.S . Federal Reserve, UNITED, Reuters, Federal Reserve, Reserve Bank of, BRITAIN, of England, CANADA Bank of Canada, Bank of Canada, ECB, Norges Bank, SWEDEN Traders, Swiss, Bank of Japan, Thomson Locations: U.S, Japan, Reserve Bank of New Zealand, NORWAY, Reserve Bank of Australia, SWEDEN, Swedish, SWITZERLAND Swiss, JAPAN

☆ New Zealand forecasts much larger budget deficit but improved economy
▼ + stars: | 2023-09-12 | by ( Lucy Craymer | ) www.reuters.com time to read: +2 min

REUTERS/David Gray/File Photo Acquire Licensing RightsWELLINGTON, Sept 12 (Reuters) - New Zealand’s government on Tuesday predicted a larger budget deficit but better-than-expected economic conditions in the year ahead, as it updated forecasts heading into the October election. The government forecast a budget deficit of NZ$11.4 billion ($6.7 billion) for the year ending June 30, 2024, much larger than a deficit of NZ$7.6 billion estimated in May. The global economy has deteriorated since May, which is having a direct impact on New Zealand's economy while tax revenue is also falling, Finance Minister Grant Robertson said in a statement. "Treasury’s latest forecasts show the economy isn’t working for Kiwis," said National Party leader Christopher Luxon. ($1 = 1.6926 New Zealand dollars)Reporting by Lucy Craymer; Editing by Sam Holmes and Edwina GibbsOur Standards: The Thomson Reuters Trust Principles.

Persons: David Gray, Grant Robertson, Robertson, ", Christopher Luxon, Lucy Craymer, Sam Holmes, Edwina Gibbs Organizations: REUTERS, Rights, Finance, Zealanders, Treasury, Kiwis, National Party, Reserve Bank of New, Zealand, Thomson Locations: Wellington , New Zealand, Reserve Bank of New Zealand

☆ Policymakers see darker days ahead in China as growth sputters
▼ + stars: | 2023-09-07 | by ( Divya Chowdhury | ) www.reuters.com time to read: +3 min

MUMBAI, Sept 6 (Reuters) - Policymakers expect persistently slower growth in China, perhaps even more sluggish than current consensus estimates, seeing its transition from an infrastructure- and investment-led economy to becoming consumption-driven as "difficult". "The inflation rate in China is around 0% - that means distortion of domestic demand and domestic supply," he said. This follows economic growth in 2022 recorded at one of its worst levels in nearly half a century. The Croatian central bank chief sees narrowing room for expansionary policies in China, adding, "We have to be careful." The RBNZ has already factored in "a pretty subdued period" for commodity prices within their projections, before they see them beginning to rise again, Hawkesby said.

Persons: Takahide Kiuchi, Goushi Kataoka, Boris Vujcic, Robert Holzmann, Christian Hawkesby, Hawkesby, Divya Chowdhury, Savio Shetty, Lisa Mattackal, Mehnaz Yasmin, Mark Heinrich Our Organizations: Former Bank of Japan, Reuters Global Markets, European Central Bank, ECB, Reserve Bank of New Zealand, Thomson Locations: MUMBAI, China, Europe, Croatian, Austrian, United States, Mumbai, Bengaluru

☆ New Zealand house prices to rise again on supply shortage, rate cut hopes
▼ + stars: | 2023-08-29 | by ( Anant Chandak | ) www.reuters.com time to read: +3 min

Summary poll dataBENGALURU, Aug 30 (Reuters) - New Zealand house prices are forecast to rise again next year due to an ongoing supply shortage and expectations for interest rate cuts, according to a Reuters poll of property market analysts. That is short of a roughly 20% correction most property analysts predicted in May following a pandemic-era boom that boosted prices by more than 40%. Prices have started to rise again on returning demand meeting limited available supply. New Zealand house prices were expected to decline 4.8% this year, the latest Reuters poll of 11 property market analysts taken Aug. 14-28 showed. Average property prices were then expected to rise 5.0% and 6.0% in 2024 and 2025, respectively, an upgrade from 3.4% and 5.0% in the previous poll.

Persons: Miles Workman, homebuyers, Anant Chandak, Susobhan Sarkar, Ross Finley, Matthew Lewis Organizations: Reserve Bank of New Zealand, ANZ, Monetary Fund, Thomson Locations: New Zealand, Bengaluru

☆ New Zealand's opposition vows to shake up central bank, as it leads in polls
▼ + stars: | 2023-08-28 | by ( ) www.cnbc.com time to read: +1 min

The Reserve Bank of New Zealand (RBNZ) building in Wellington, New Zealand, on Wednesday, Feb. 22, 2023. New Zealand's central bank could have its policy goals narrowed significantly and be subject to an external review if the center-right National Party opposition wins election this year, as political scrutiny of the bank intensifies. As the country heads to an election in October, opinion polls show the opposition leading the center-left Labor government, which has held office since 2017. National's platform includes returning the Reserve Bank of New Zealand's, or RBNZ, goal to a single target of keeping inflation between 1% and 3% and jettisoning recent additions of an employment mandate. "New Zealanders need confidence that the Reserve Bank will not deprioritize inflation in the pursuit of other goals," National finance spokesperson Nicola Willis said in an emailed response to questions from Reuters.

Persons: Nicola Willis Organizations: Bank of New Zealand, National Party, Labor, Reserve Bank of New, Reserve Bank, National, Reuters Locations: Wellington , New Zealand, New

☆ Analysis: With central banks' job half done, global inflation talk is shifting
▼ + stars: | 2023-08-23 | by ( Balazs Koranyi | ) www.reuters.com time to read: +6 min

"It may just be lucky that a global demand slump or non-policy related domestic forces are driving inflation lower." This disconnect led the German central bank to issue a warning to peers this week that a tough task may still lie ahead for policymakers. "The impression took hold that inflation rates will nonetheless persist for longer above the rates targeted by central banks," the Bundesbank said. Indeed, longer-term inflation expectations for the U.S. and the euro zone remain above the banks' 2% targets. But even in the best case, weaker growth will reduce demand for imports and complicate the global outlook.

Persons: JACKSON, Steve Englander, Piet Haines Christiansen, Philip Lane, Lane, Niels Graham, Julian Evans, Pritchard, Balazs Koranyi, Dan Burns, Toby Chopra Organizations: Standard Chartered, The Bank of England, ECB, Reserve Bank of Australia, Reserve Bank of New, Danske Bank, U.S, People's Bank of, Atlantic Council, Capital Economic, Thomson Locations: , Wyoming, Jackson Hole , Wyoming, Britain, Australia, New Zealand, German, Europe, Reserve Bank of New Zealand, Jackson, People's Bank of China, China

☆ Yen treads on intervention zone; kiwi, Aussie dlrs hit by China woes
▼ + stars: | 2023-08-16 | by ( Rae Wee | ) www.reuters.com time to read: +3 min

Banknotes of Japanese yen are seen in this illustration picture taken September 22, 2022. The Aussie bottomed at $0.6440, while the kiwi slid to a low of $0.5939, ahead of a rate decision by the Reserve Bank of New Zealand later on Wednesday. "But where we are at the moment, I think the jawboning will continue but I'm not convinced that we'll see intervention." The greenback predictably rode Treasury yields higher, with the dollar index ekeing out a slight gain to 103.22. The euro was little changed at $1.0902, while sterling dipped 0.05% to $1.2696, ahead of UK inflation data due later on Wednesday.

Persons: Florence Lo, Aninda Mitra, Shunichi Suzuki, Ray Attrill, I'm, Rae Wee, Shri Navaratnam Organizations: REUTERS, Rights, New, Reserve Bank of New, People's Bank of, BNY Mellon Investment Management, Finance, National Australia Bank, Federal Reserve, Treasury, Thomson Locations: Asia, Beijing, China, New Zealand, Reserve Bank of New Zealand, People's Bank of China, Japan

☆ NZ central bank sees cash rate on hold until 2025
▼ + stars: | 2023-08-16 | by ( Lucy Craymer | ) www.reuters.com time to read: +2 min

Summary Rates on hold for longer to meet inflation targetNZ dollar jumps 0.2%WELLINGTON, Aug 16 (Reuters) - New Zealand's central bank held the cash rate steady at 5.5% on Wednesday but slightly pushed out when it expects to start cutting the cash rate to 2025, which provided some support for the New Zealand dollar. The decision was in line with expectations from 29 economists in a Reuters poll all forecasting the Reserve Bank of New Zealand (RBNZ) would leave the cash rate at a 14-year high for the second consecutive meeting. "The committee agreed that the OCR (official cash rate) needs to stay at restrictive levels for the foreseeable future to ensure annual consumer price inflation returns to the 1% to 3% target range," the statement said. It said conditional on its central economic outlook, the cash rate would need to remain at around its current level for slightly longer than was assumed in its May statement to meet its inflation and employment objectives. The rate hikes have sharply slowed the economy, now in a technical recession following two quarters of negative growth.

Persons: Lucy Craymer, Sonali Paul Organizations: WELLINGTON, New Zealand, Reserve Bank of New Zealand, New, Thomson Locations: New Zealand

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