The New Zealand dollar closed Friday near US$0.57 after trading above that mark, as annual inflation remained above the Reserve Bank of New Zealand’s target before its next policy review.
Investing.com’s full-day NZD/USD series recorded a low of US$0.5679 and a high of US$0.5705, with the pair closing at US$0.5697. The RBNZ’s exchange-rate table recorded US$0.56890 for Oct. 23, down from US$0.57085 on Oct. 22. The published fixing is a timed benchmark, separate from the day’s full trading range and closing price.
Oil also drew attention. Reuters reported that Brent futures reached a Friday session high of $117.38 a barrel, their highest intraday level in more than five months. Reuters linked supply concerns to reported Houthi attacks in Saudi Arabia and an oil spill reported by UAE authorities.
Stats New Zealand (Stats NZ) said the consumer price index rose 0.7% in the September quarter, leaving annual inflation at 3.7%, down from 4.1% in June. The annual rate remained above the RBNZ’s 1% to 3% target, although it was below the bank’s 3.9% projection for the quarter in its September Monetary Policy Statement. After rising 20.1% in the June quarter, petrol prices declined 6.5% in the September quarter. EconoTimes previously covered the inflation release and the New Zealand dollar’s response.
The RBNZ raised its Official Cash Rate by 25 basis points to 2.75% on Sept. 2. The bank said higher fuel costs linked to the Middle East conflict contributed to June-quarter inflation and put pressure on household budgets and business costs. It has said its future policy path is not predetermined and will depend on its assessment of inflation risks and economic conditions. The next review and rate update is scheduled for 9 p.m. ET Tuesday, Oct. 27 (01:00 UTC Wednesday, Oct. 28), corresponding to 2 p.m. New Zealand daylight time on Oct. 28.
