Market Close: Kiwi flies on stonking inflation

Mon, 18 Oct 2021

The New Zealand dollar climbed about half a US cent after inflation data ratcheted up pressure on the Reserve Bank of NZ (RBNZ) to raise interest rates more aggressively.Economists expect the central bank will take its foot off the accelerator in an effort to rein in the 4.9% annual pace of inflation in the September quarter, with traders pricing in a 50% chance of the RBNZ hiking the official cash rate half a percentage point to 1% in November.“It was a stonkingly strong print,” said Imre Speizer, head of NZ strategy at Westpac. &l...

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