empty
 
 
23.07.2015 10:43 AM
Global macro overview for July 23, 2015

Global macro overview for 23/07/2015:

The Reserve Bank of New Zealand reduced the Official Cash Rate (OCR) by 25 basis points to 3.0 percent today. This is the third rate cut since 2014, and the RBNZ continues reversing the period of rate hikes. The RBNZ has justified this cut by softening economic outlook (annual rate of 2.5%) and low inflation (below the central banks 1% to 3% target).

Nevertheless, despite the rate cut, the New Zealand dollar climbed by 1.5% against the US dollar. The market reaction is unlikely to be explained with the fact that the RBNZ statement was dovish (the further rate cuts are likely), but lack of aggressive tone and commitment for further easing that had been anticipated by market participants resulted in temporary NZD rally to the edge of the channel at the level of 0.6694.

This image is no longer relevant

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $5000 more!
    In November we raffle $5000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback