Article by Investazor.com
RBNZ kept his promise and raised the official cash rate from 2.5% to 2.75%, being the first developed country to make this move since the financial crisis from 2008. The macro data helped as well. Manufacturing Sales increased with 6.3% while the REINZ HPI indicator with 2.1%. The Business NZ Manufacturing Index gave a positive tone to the markets after it was published above 50.0 with a reading of 56.2, which represents expansion of the economy. After the rate hike from Wednesday, NZDUSD hit the local high from May 2013 and closed the week at 0.8527.
Economic Calendar
Westpac Consumer Sentiment (5:00 GTM)-Sunday. It is the level of diffusion on surveyed consumers and an actual value above the forecast is good for currency. Above 100.0 indicates optimism, below indicates pessimism. It is released quarterly and has a medium impact on the markets. The last five readings were above 100.
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