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The Australian and New Zealand dollars were flat on a thin US holiday session as traders weighed a diverging rate outlook. RBA Governor Michele Bullock signalled no near-term cut, with markets pricing less than a 10% chance of a move at the December meeting.
The RBNZ has already cut rates by 125 basis points to 4.35%.
Rate divergence between Australia and New Zealand mainly moves the AUD and NZD against the USD, which feeds into currency-driven commodity and feed-import costs for Australian and NZ buyers. The effect on feed grain prices is indirect.
brecorder.comReutersNov 29, 2024Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
