So far today on the Reserve Bank of New Zealand +75bp rate hike:

More now from the press conference:

  • are mature in the tightening cycle, closer to the end than the beginning
  • but new shocks are arriving all the time
  • we are eager to get to rate point where we can be sure inflation can be worn down

These comments are bordering on mixed messaging. This will dilute the impact of rate hikes, which would not be a positive development for the RBNZ nor for New Zealanders subject to higher rates.

NZD/USD update:

nzdusd chart 23 November 2022 Reserve Bank of New Zealand