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At 1:00am, on Wednesday February 13th, during the early part of the Sydney-Asia trading session, New Zealand’s central bank, the RBNZ, will broadcast their decision with regards to the bank’s key interest rate. Referred to as the OCR or official cash rate, the current rate is 1.75%, and according to the economists polled by Reuters and Bloomberg, there is little expectation for any change to this rate.
Officially the New Zealand economy is approximately the 53rd largest on the globe and principally it relies on its close proximity to Australia and Asia (particularly China) for its continued economic growth, especially its export led growth; the economy generally runs trade surpluses. The kiwi, the NZD, took a hit during last week’s trading sessions, after the latest employment and unemployment figures missed forecasts. The currency fell by over 2% versus USD during the week. GDP growth has recently fallen to 0.3% for the last quarter of 2018, from 1% previously, whilst CPI inflation at...
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