RBNZ's Bascand: Asked banks to be ready by end of year for negative rates

Dhwani Mehta FXStreet

We have asked banks to be ready for negative rates by year-end, said the Reserve Bank of New Zealand (RBNZ) Deputy Governor Geoff Bascand, speaking alongside Governor Adrian Orr at the press conference.

Orr continues to speak, now noting that “the next 12-plus months are going to be very tough for the global economy.”

More comments

"Do not have any influence over the level of the NZ$."

"Not looking for a "V" shaped recovery, recovery will take a long period."

"There are limits to negative rates, hard to know in advance."

NZD/USD eyes 0.6000

The kiwi is accelerating its decline and looks to test the 0.6000 support as the option of negative interest rates seems well on the cards for the central bank.

At the press time, NZD/USD trades at 0.6020, down 0.82% so far.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

EUR/USD eyes nine-day EMA barrier after rebounding from 1.1600

EUR/USD gains ground after registering modest losses in the previous session, trading around 1.1620 during the Asian hours on Friday. The technical analysis of the daily chart suggests an ongoing bearish bias as the pair remains within the descending channel pattern.

GBP/USD drifts lower heading into NFP range

GBP/USD edged lower by 0.2% on Thursday, settling close to 1.3350 in a strained trading session that kept the pair pinned near three-month lows. Price briefly recovered earlier in the day on reports that Iran had indirectly signaled openness to talks with the CIA, but the bounce faded as Israeli officials reportedly advised Washington to disregard the overture.

Gold recovers above $5,100 ahead of US NFP report

Gold price jumps back above $5,100 in the Asian session on Friday. The precious metal regains traction, helped by a fresh bout of US Dollar selling and persisting risk-off flows. The US employment report for February will take center stage later on Friday.

Ethereum pull in $169M as validators pile in to stake ETH

US spot Ethereum exchange-traded funds recorded $169 million in net inflows on Wednesday, marking the largest daily intake in two months, according to SoSoValue data. The rise in inflows signals renewed institutional interest in Ethereum amid broader market volatility.

The market compass is pointing at a barrel of Oil

The Asian open is arriving with equities leaning the wrong way, and the reason is not complicated. The market’s compass needle has snapped firmly toward crude. In this tape, oil is not just another input price; it is the gravitational center around which every asset class is orbiting.

Ripple tests recovery strength amid steady ETF inflows, growing retail interest

Ripple (XRP) continues to demonstrate notable resilience as the cryptocurrency market navigates the persistent war in the Middle East after the United States (US) and Israel attacked Iran on Saturday.