FX News

Key Points This Week

Key Points:

  • NZ House Prices are set to keep falling according to a Reserve Bank report, to more sustainable levels – the fallout from negative consumer sentiment and higher borrowing costs
  • US Federal Reserve hiked their interest rate to 4.0%, the highest it’s been since December 2007
  • The Bank of England hiked their interest rate to 3.0% from 2.25% in a dovish review with Bailey saying the shock to the economy from the Ukraine war was bigger than the carnage seen in the 1970’s 
  • Hong Kong Central Bank raises base cash rate by 75 points to 4.25% 
  • Russia has agreed to re-join the Ukraine grain deal in a deal brokered by the UN and Turkey that allows the shipment of millions of tons of grain to pass via the Black Sea
  • China October Manufacturing PMI 48.4 vs prior 49.3 with covid cited as the culprit
  • The Reserve Bank of Australia raises interest rates 25 points to 2.85%
  • The US Dollar (USD) is the strongest currency this week while the British Pound (GBP) has been the worst performer.
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