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On January 16, according to TASS, Alexey Grivach, deputy general director of the Russian National Energy Security Fund, said that with the increase in gas extraction rates and the termination of Russian gas transportation through Ukraine, the gas reserves in European underground storage facilities (UGS) can last for an average of 70 days. "Here are the data for the first two weeks of 2025 - about 10 billion cubic meters of gas were extracted from European storage facilities. Now there are less than 70 billion left. At this rate, on average they have about 70 days of gas," he said in a discussion at the Valdai Club. However, experts pointed out that although Slovakia had to increase its extraction by 4 times after the cessation of transit transportation, its gas reserves are still above the European average, about 100 days.Kazakhstan will send up to 127,000 tons of oil to Germany in January.The U.S. Weather Prediction Center CPC: Typical La Niña phenomena are still expected to occur in the coming seasons.The U.S. Climate Prediction Center CPC: The probability of a neutral El Niño-Southern Oscillation state during March to May 2025 (MAM) is 60%.The U.S. Climate Prediction Center CPC: La Niña conditions are expected to continue from February to April 2025, with a probability of 59%.

NZD/USD Increases close to 0.6240 as RBNZ Increases Ocr by 50 Basis Points to 4.75 Percent

Alina Haynes

Feb 22, 2023 15:23

NZD:USD.png 

 

Demand for the NZD/USD pair has surged dramatically as a result of the Reserve Bank of New Zealand's (RBNZ) hawkish attitude on interest rates. Reserve Bank of New Zealand Governor Adrian Orr has raised the Official Cash Rate (OCR) by 50 basis points (bps) to 4.75 percent. It was widely anticipated that a decision to increase interest rates by 50 basis points would be made. The RBNZ hiked interest rates by 75 basis points during its November monetary policy meeting, something investors should be aware of.

 

As the Reserve Bank of New Zealand (RBNZ) failed to significantly cut the Consumer Price Index (CPI) in the New Zealand economy, a significant rate increase was anticipated. Inflationary pressures in the New Zealand economy have not yet reached their pinnacle as a result of the RBNZ's continuous policy tightening, but the labor market has begun to manifest damage.

 

Even though New Zealand Prime Minister Chris Hipkins has committed a NZ$300 million ($187.08 million) disaster aid package, the recent release of helicopter money may boost inflationary pressures.

 

The statement of monetary policy will determine whether the RBNZ maintains its goal of an OCR peak of 5.5% by May.

 

Statistics January exports and imports data were released by New Zealand during the early Asian session. Compared to the previous report, exports declined to $5.47 billion from $6.72 billion, while imports grew. This indicates that domestic demand is extremely robust.

 

Indicative of their caution, investors have begun discounting Federal Reserve (Fed) interest rates to 5%. Yet, investors' appetite for risk is growing as risk-perceived assets gain momentum. The US Dollar Index (DXY) fails to surpass the important level of resistance at 103.90. In the future, the USD Index will be affected by the release of the Federal Open Market Committee's minutes (FOMC).

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