Trump Urges Gasoline Retailers to Cut Prices to $2.50 Per Gallon, Warns of Legal Action 
Yen Falls to 40-Year Low as Markets Watch Japan Intervention and U.S. Jobs Report 
Canada Grants C$7 Million to Greenland Molybdenum Mine to Strengthen Critical Minerals Supply 
Trump Questions Housing Bill as He Prioritizes SAVE America Act 
US Stock Futures Steady as Investors Await Payrolls Data and Monitor Iran Tensions 
RBA Minutes Signal Australia Central Bank Remains Ready to Raise Interest Rates if Inflation Persists 
Argentina Economy Shrinks 1.5% in April, Recovery Under Milei Loses Momentum 
Asian Currencies Stay Range-Bound as Investors Eye China Data, RBNZ Outlook and U.S.-Iran Ceasefire 
Global Financial Firms Shift Asia Expansion Focus to South Korea as China, India Face Caution 
Gold Price Hits Annual Low as Fed Rate Hike Bets and Sticky Inflation Weigh on Bullion 
Oil Prices Rise as US-Iran Tensions Threaten Strait of Hormuz Oil Shipments 
Trump Threatens 100% Tariffs on Countries Imposing Digital Services Taxes on U.S. Tech Firms 
China Sets 1.25% Overnight Reverse Repo Rate Below Market Expectations 
China Manufacturing PMI Edges Higher in June as Exports and AI Investment Boost Growth 
Japan Targets 1%+ Real Economic Growth With ¥370 Trillion Investment Plan 
Wall Street Futures Rise Ahead of JOLTS Data, Nike Earnings, and U.S.-Iran Talks 
RBNZ Cuts Rates Amid Inflation and Growth Concerns
The Reserve Bank of New Zealand (RBNZ) lowered its official cash rate by 50 basis points to 4.75% on Wednesday, aligning with market expectations. The move is aimed at controlling inflation and supporting economic growth.
Inflation Targets and Economic Outlook
The RBNZ cited growing confidence that consumer price index (CPI) inflation will fall within its 1% to 3% target range by the September quarter. However, the central bank emphasized that at 4.75%, the cash rate remains restrictive, with future rate changes dependent on the economy's trajectory.
Weakening Economy and Labor Market
Despite the rate cut, the RBNZ expressed concerns about the weak state of the New Zealand economy and forecasted a softening labor market in the coming months. This is the second rate cut in 2024, following a 25 basis point reduction earlier in the year.
Uncertainty in Future Rate Cuts
The RBNZ hinted that while it had signaled potential further cuts, future rate changes might not be guaranteed. Policymakers are now taking a cautious approach, monitoring the impact of previous rate reductions on the economy.
Following the announcement, the New Zealand dollar (NZD) weakened, with the NZD/USD pair dropping nearly 0.5%.
