The Reserve Bank of New Zealand held its interest rate steady at 1.75% this morning. According to their central bank governor, this would help maintain employment and drive inflation towards 2% target. Their annual headline inflation slowed to just 1.1 percent in the first quarter.

Meanwhile, rises in interest rate is pushing the dollar higher against a basket of major currencies. However, their April producer price index came in weaker-than-expected at 2.3%.

Tonight, we are expecting Bank of England to announce their interest rate decision. However, recent run of weak UK economic data, and renewed worries about Brexit have led markets to price out the possibility of any rate hike this month.

FX Rates 10.05.18


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