RBNZ’s Orr: Inflation remains too high, that's why we've kept cash rate at 5.5%

Dhwani Mehta FXStreet

Reserve Bank of New Zealand (RBNZ) Governor Orr testified before the Finance and Expenditure Committee on Monday. Orr responded to questions on the November 2023 Financial Stability Report.

Key quotes

Inflation remains too high, that's why we've kept cash rate at 5.5%.

Q3 2023 was 5.6%.

it is concerning that the population is growing so rapidly at a time when residential construction is slowing.

Market reaction

RBNZ dated OIS continue to pare Friday's post-ANZ forecasts firming. Therefore, NZD/USD is unable to benefit from the hawkish comments from RBNZ Governor Orr. At the press time, the pair is losing 0.18% on the day to trade at around 0.6135.

New Zealand Dollar price today

The table below shows the percentage change of New Zealand Dollar (NZD) against listed major currencies today. New Zealand Dollar was the weakest against the Japanese Yen.

	USD	EUR	GBP	CAD	AUD	JPY	NZD	CHF
USD		0.02%	0.01%	0.01%	0.01%	0.00%	0.18%	0.02%
EUR	-0.02%		-0.01%	-0.01%	-0.01%	-0.02%	0.16%	-0.01%
GBP	-0.01%	0.01%		0.00%	0.01%	-0.01%	0.17%	0.00%
CAD	-0.01%	0.01%	0.00%		0.00%	-0.01%	0.18%	0.01%
AUD	-0.01%	0.01%	-0.01%	-0.01%		0.00%	0.19%	0.00%
JPY	0.00%	0.02%	0.04%	0.01%	0.02%		0.19%	0.01%
NZD	-0.18%	-0.16%	-0.17%	-0.17%	-0.17%	-0.18%		-0.16%
CHF	-0.01%	0.00%	0.00%	-0.01%	0.00%	-0.02%	0.17%

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent EUR (base)/JPY (quote).

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.

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