NZD is forming a rally. Overview for 10.04.2024

The New Zealand dollar continues to rise against the US dollar. The current NZDUSD exchange rate stands at 0.6074.

The NZD has currently reached a three-week high against the USD. This follows the Reserve Bank of New Zealand's decision to leave the interest rate unchanged at 5.5% at its April meeting, as expected. This marks the sixth consecutive meeting where borrowing costs remained unchanged. Monetary policymakers continue to sustain pressure on production capacity and inflation to keep consumer prices under control.

The RBNZ aims to reduce inflation to 1-3% by the end of 2024.

Economic growth in New Zealand remains weak after a technical recession was recorded in Q4 2023.