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The RBNZ reduced the OCR by 25bps to 3.00% as expected. But the forward guidance was very dovish – 1.5 cuts by year end are projected. The decision was reached following a 4 – 2 vote on the options of a 25bp vs 50bp cut – emphasising the significant shift in strategy. The RBNZ unexpectedly […]

The post RBNZ: A Big Change in Strategy – Time for Stimulation appeared first on Action Forex.

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25/07/2024

U.S. Economic Resilience on Display in the Second Quarter

The U.S. economy surprised to the upside in the second quarter of 2024, expanding by 2.8% quarter-on-quarter (q/q, annualized) against expectations for around 2%. Looking under the hood, consumer spending was slightly stronger than we had forecast, advancing by 2.3% q/q. That was driven by a rebound in durable goods spending (+4.7%), while spending on […]
01/07/2024

Sunset Market Commentary

Markets Marine Le Pen’s Rassemblement National scored broadly as expected in the first round of French parliamentary elections. They won the ballot with around 33% of the vote, ahead of the left front (28%) and Macron’s alliance (21%). In 485 out of 577 districts, the RN and its allies won outright or made it to […]
05/02/2025

First Impressions: NZ Labour Market Statistics, December Quarter 2024

The unemployment rate rose to 5.1% in the December 2024 quarter, in line with market expectations. Wage growth is moderating broadly as expected. Unemployment rate: 5.1% (prev: 4.8%, Westpac f/c: 5.0%, RBNZ f/c 5.1%) Employment change: -0.1% (prev: -0.6%, Westpac f/c: -0.2%, RBNZ f/c -0.3%) Labour costs (private sector): +0.6% (prev: +0.6%, Westpac f/c: +0.6%, […]