New Zealand: Inflation is not giving up so far – UOB

Pablo Piovano FXStreet

Economist at UOB Group Lee Sue Ann reviews the latest inflation figures in New Zealand.

Key Takeaways

“CPI climbed 1.8% q/q in 1Q22, an increase from 1.4% q/q in 4Q21. Compared to the same period a year ago, CPI advanced 6.9% y/y, an acceleration from 5.9% y/y in 4Q21. This is the largest movement since a 7.6% annual increase in the Jun 1990 quarter.”

“The latest inflation readings bolster the case for the Official Cash Rate (OCR) to be lifted further. Earlier this week (19 Apr), Reserve Bank of New Zealand (RBNZ) Governor Adrian Orr said that further tighening is needed.”

“We think that it is now likely that the RBNZ will hike by another 50bps at the May meeting, which will include the release of a Monetary Policy Statement (MPS). From there, the RBNZ may pause at the 13 Jul meeting, before moving again in Aug (after having had more data at hand, including 2Q22 CPI data due on 18 Jul).”

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

GBP/USD trims gains, back to around 1.3500

GBP/USD now surrenders part of the earlier move to multi-week peaks around 1.3530 and comes close to the 1.3500 support on Monday. Cable’s uptick comes in tandem with decent gains in the Greenback, always amid persistent uncertainty lingering over the reopening of the Strait of Hormuz and US-Iran talks.

EUR/USD deflates to 1.1540

EUR/USD begins the week on the back foot, retesting the 1.1540 zone as the NA session draws to a close. The better tone in the US Dollar weighs on the risk complex, sparking the daily correction in spot, always on the back of unabated effervescence in the Middle East.

Gold surges past $4,400, hitting fresh two-month highs

Gold climbs further beyond $4,400, touching its highest level since June 5 in the Asian session on Tuesday. Easing Fed rate hike expectations continue to drive flows towards the non-yielding bullion. Meanwhile, inflation risks stemming from volatile oil prices back the case for at least one rate hike in 2026, which supports the US Dollar and might cap the precious metal ahead of the crucial US CPI report on Wednesday.

Ethereum: SharpLink reports loss as BitMine continues share buybacks and ETH acquisitions

SharpLink reported $394.3 million in Q2 net losses following heavy declines in the crypto market, over a 3.5x decline from the $103.4 million losses in Q2 2025, according to a filing on Monday. The losses comprise $321 million in unrealized crypto losses on its ETH holdings and $76.1 million in impairments on its liquid staking tokens LsETH and weETH.

RBA set to hold interest rate at 4.35% as softer inflation cools hike bets

The Reserve Bank of Australia is on track to keep the Official Cash Rate (OCR) steady at 4.35% for the second consecutive meeting on Tuesday. The decision will be announced at 04:30 GMT, accompanied by the Monetary Policy Statement and updated economic forecasts. RBA Governor Michele Bullock’s press conference will follow at 05:30 GMT.

9-3: Is the Federal Reserve’s vote tally Warsh's new forward guidance?

The rate did not move. Neither did the statement, and that’s the more interesting fact. Set the July 29 Federal Open Market Committee (FOMC) statement beside the one issued on June 17, and the two documents are identical apart from a single verb and a paragraph at the bottom naming three dissenters.