From Orr: • Meeting with new PM was highly constructive. • We've been adamant on holding rates through next year. • Projection shows upward bias to rates but it is not a done deal. • Risk to inflation is still more to upside. • We did discuss raising rates at this meeting. • Had a robust discussion about rates. • Nervous that inflation has been outside the band for so long. • Concerned that longer-term inflation expectations are creeping up. (full story)

NZD/USD continues its winning streak that began on Thursday, trading higher around 0.6190 during the Asian session on Wednesday. However, Reserve Bank of New Zealand (RBNZ) board members held the interest rate steady at 5.50% for the fifth meeting in its November monetary policy meeting. This decision aligns with widespread expectations in the market. The NZD/USD pair rose almost 1.0%, possibly triggered by the summary of the RBNZ interest rate statement. The statement mentions the possibility of an increase in the OCR if inflationary pressures turn out to be stronger than anticipated. The RBNZ highlights in its ... (full story)