Markets intepret OCR review to be on the hawkish side
Financial markets have interpreted the Reserve Bank’s official cash rate (OCR) decision as somewhat more hawkish than expected, pushing the Kiwi dollar higher while wholesale interest rates also rose.
The currency and interest rates had already moved on the news of a two-week ceasefire in the Middle East while after the 2pm OCR announcement the New Zealand dollar rose to 58.02 US cents from 57.96c just before and compared with closer to 57c earlier in the day before the ceasefire announcement.
Two-year swap rates rose to 3.35% from 3.315% just before the announcement and compared with...MORE»
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