ForexLive Asia FX news wrap: RBNZ 25bp cash rate hike as expected

Author: Eamonn Sheridan | Category: News

Forex news for Asia trading on Wednesday 24 November 2021

RBNZ, Read from the bottom up for the time sequence:

Other:

The Reserve Bank of New Zealand announced the expected 0.25% hike to their cash rate today and mapped out a more aggressive path ahead for further hikes. At his news conference Governor Orr once again said 25bp hikes are appropriate for the time being after there was substantial speculation in markets for a 50bp hike today.

NZD/USD has since traded lower after the announcement and extended its drop after Orr's press conference. AUD/USD has fallen alongside. From Australia today we had Q3 construction work data which came in negative, lockdowns impacting, but not nearly as bad as was widely expected.

EUR/USD gained on little obvious fresh news, as did CAD against the USD as follow-through from Biden's oil reserve release announcement sent oil prices higher. USD/CAD has subsequently had some retracement.

USD/CHF and USD/JPY inched higher but USD/JPY has come off its session high. Cable is little changed.

Markets are awaiting the Federal Open Market Committee November minutes due for release on Wednesday US time. Note that Wednesday is the last full day of trading for US markets for this week, Thursday is the Thanksgiving holiday. 

NZD/USD:

Forex news for Asia trading onWednesday24November 2021RBNZ, Read from the bottom up for the time sequence:

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