NZ FinMin Robertson, Treasury criticize higher interest rates

Anil Panchal FXStreet

“There have been long standing concerns that the market is not working well for New Zealanders,” said New Zealand (NZ) Minister of Finance (FinMin) Grant Robertson said in a statement per Reuters.

The policymaker also said that banks have consistently made high profits over a number of years and their returns have outperformed their peers in other countries.

“There has not been an in-depth look into competition issues in New Zealand's banking for some time, and New Zealand lags other countries such as Australia and the UK into doing a detailed analysis into banking services,” added NZ FinMin Robertson.

The same calls for examining the profitability of the country's banks and investigating whether competition in the sector was working well for consumers.

Earlier in the day, NZ Treasury stated that the domestic demand is being dampened by high interest rates.

NZD/USD remains indecisive

The news fails to move a needle on the NZD/USD as the quote remains sidelined near 0.6200 by the press time of early Tuesday in Asia.

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

British Pound surges against US Dollar ahead of US NFP data

The British Pound trades 0.5% higher to near 1.3340 against the US Dollar during the European trading session on Thursday. The GBP/USD pair reflects strength as the US Dollar underperforms its peers ahead of the United States Nonfarm Payrolls data for June, which will be published at 12:30 GMT.

EUR/USD climbs above 1.1400 ahead of US NFP

EUR/USD trades in positive territory above 1.1400 in the European session on Thursday, supported by the renewed selling pressure surrounding the US Dollar. Investors await the June employment report from the US, which will feature the critical Nonfarm Payrolls data.

Gold extends recovery toward $4,100 ahead of key US data

Gold (XAU/USD) gathers bullish momentum and rises toward $4,100 in the European session on Thursday. The US Dollar (USD) stays under selling pressure and allows XAU/USD to push higher as market focus shifts to June employment data from the US.

Easing ETF flows and retail demand edge HYPE to make-or-break stage

Hyperliquid price continues to coil, struggling to find direction as it edges higher, after two consecutive days of losses. Institutional demand, a key driver for altcoins in recent times, eases for HYPE with minimal inflows following a $108 million surge last week. Easing retail demand doubles down on HYPE as Open Interest declines 4% in 24 hours.

Nonfarm Payrolls set to grow by over 100K in June, reinforcing bets of upcoming Fed rate hikes

The United States Bureau of Labor Statistics will release the Nonfarm Payrolls data for June on Thursday at 12:30 GMT. Investors expect NFP to rise by 110K following three consecutive months of surprisingly strong increases. Investors are pricing in a hawkish Federal Reserve policy outlook with the new Chairman Kevin Warsh at the helm.

Kevin Warsh offers no policy clues: Why markets still got their answer

Financial markets came to Sintra looking for clues about the Federal Reserve's (Fed) next move. They largely left with confirmation that Fed Chair Kevin Warsh intends to make those clues much harder to find.