Latest news with #ReserveBankofNewZealand
Business Recorder
3 days ago
- Business
- Business Recorder
New Zealand dollar falls as benign inflation boosts rate cut bets
SYDNEY: The New Zealand dollar slipped on Monday while local bonds rallied after inflation data proved not as bad as feared, with still tepid domestic price pressures adding to the case for a cut in interest rates next month. The kiwi dollar fell 0.3% to $0.5941, having lost 0.8% last week to mark a third consecutive week of declines. It is now off almost 3% from a nine-month peak of $0.6120, with near-term support now at last week's low of $0.5906. Data on Monday showed New Zealand's inflation picked up to an annual rate of 2.7% in the second quarter, the highest level in a year, thanks to higher food, electricity and streaming services prices. However, that came under the forecast of 2.8%. Non-tradable inflation, mostly domestically generated price pressures, continued to slow to 3.7% from 4% previously. 'CPI inflation has failed to significantly increase, providing the (Reserve Bank of New Zealand's Monetary Policy Committee) with reason not to expect a return of yearly CPI back to the top of the target band (of 1-3%) this year,' said Citi analysts in a note to clients. 'This would allow the MPC to re-start the easing cycle at the August 20 meeting.' Two-year swap rates duly fell 6 basis points to 3.115%, the lowest since mid-May. Ten-year government bond yields dropped 4 bps to 4.595%. Markets are now pricing in a 75% probability the RBNZ will cut by 25 basis points in August, up from a 61% chance ahead of the data. The Aussie, on the other hand, was flat at $0.6510 , having lost 1% last week to as low as $0.6455. It is finding some support at 65 cents. Against the Japanese yen, it slipped 0.3% to 96.61 yen as the Japanese currency bounced a little after the ruling coalition lost control of the upper house in an election on Sunday, a result that has been well flagged by polls. Looking ahead, the Reserve Bank of Australia will release the minutes of its July policy meeting where it may offer some insights into a rare split among policymakers before deciding to hold rates steady at 3.85%. A surprisingly soft jobs report last week has seen markets move to price a 90% chance that the RBA will cut rates in August. Governor Michele Bullock is due to give a speech at an annual fundraising lunch at the Anika Foundation on Thursday. Across the Tasman Sea, RBNZ Chief Economist Paul Conway will be speaking about the economic effects of tariffs in New Zealand on Thursday at 11:30am local time.
Otago Daily Times
3 days ago
- Otago Daily Times
Thousands in counterfeit cash seized after dodgy Facebook Marketplace deals
The counterfeit cash found by police. Photo: NZ Police Police have seized thousands of dollars in counterfeit cash after an investigation into dodgy Facebook Marketplace deals. Sergeant Pam Dravitski said police found $6000 and the "equipment used to manufacture these notes" while executing a search warrant at an Ōtara, South Auckland property. It comes after reports of a man purchasing items off the platform and requesting to pay cash, police said. "The offender would allegedly use counterfeit cash to make the sale and take off with the goods. "Many of our local business associations regularly tell us about their members' frustrations with people making purchases using counterfeit money," Dravitski said. A 26-year-old man has been arrested and faces six charges of obtains by deception. Further arrests and charges have not been ruled out. Investigations are ongoing. Can you spot a fake? - The Reserve Bank of New Zealand has clear guidance outlining the security features of New Zealand bank notes on its website. - Security features are the same on all denominations. - If you believe someone is trying to pass you a counterfeit note - do not accept it. - If you have already been given a note - put it in an envelope and contact police. - Report any offending to police - online, via 105, or at a station - as soon as possible.
Scoop
3 days ago
- Scoop
Cha-Ching: Police Seize Thousands Of Dollars In Fake Bills
Press Release – New Zealand Police Police landed the jackpot after taking a wad of counterfeit cash out of circulation in Auckland. Counties Manukau West's Enquiries Team have been investigating a spate of dodgy Facebook Marketplace purchases in recent months. 'Police have received reports of offending where a man would allegedly arrange to purchase items off the platform, and would request to pay in cash,' Sergeant Pam Dravitski says. 'There, the offender would allegedly use counterfeit cash to make the sale and take off with the goods.' An investigator has been collating similar reports, and following further enquiries it led Police to an Ōtara address late last week. 'While executing a search warrant, around $6,000 in counterfeit cash was located inside the property,' Sergeant Dravitski says. 'Police also located other equipment used to manufacture these notes.' A 26-year-old man was arrested at the time. At this stage in the investigation, he faces six charges of obtains by deception. Sergeant Dravitski says further detailed enquiries are ongoing, and further arrests or charges cannot be ruled out. 'Many of our local business associations regularly tell us about their members' frustrations with people making purchases using counterfeit money,' she says. 'We continue to try and get the message out when we experience a round of reports concerning people using fake notes.' Police will continue to hold those manufacturing and using counterfeit bank notes to account. CAN YOU SPOT A FAKE? – The Reserve Bank of New Zealand has clear guidance outlining the security features of New Zealand bank notes on its website(link is external) – Security features are the same on all denominations – If you believe someone is trying to pass you a counterfeit note – do not accept it. – If you have already been given a note – put it in an envelope and contact Police – Report any offending to Police – online, via 105, or at a station – as soon as possible.
Reuters
3 days ago
- Business
- Reuters
RBNZ Q2 sectoral factor inflation model at 2.8% y/y
SYDNEY, July 21 (Reuters) - The Reserve Bank of New Zealand (RBNZ) said on Monday its sectoral factor model of core inflation was 2.8% year-on-year in the second quarter, down from 2.9% in the prior quarter. The country's official statistics agency earlier in the day released figures that showed annual inflation came in at 2.7% in the second quarter, its highest in a year, leading markets to narrow the odds on a rate cut next month given weakness in the broader economy. Both measures are closely watched by the RBNZ, which has a monetary policy goal of keeping inflation within its target range of 1% to 3%.
Scoop
3 days ago
- Scoop
Cha-Ching: Police Seize Thousands Of Dollars In Fake Bills
Police landed the jackpot after taking a wad of counterfeit cash out of circulation in Auckland. Counties Manukau West's Enquiries Team have been investigating a spate of dodgy Facebook Marketplace purchases in recent months. 'Police have received reports of offending where a man would allegedly arrange to purchase items off the platform, and would request to pay in cash,' Sergeant Pam Dravitski says. 'There, the offender would allegedly use counterfeit cash to make the sale and take off with the goods.' An investigator has been collating similar reports, and following further enquiries it led Police to an Ōtara address late last week. 'While executing a search warrant, around $6,000 in counterfeit cash was located inside the property,' Sergeant Dravitski says. 'Police also located other equipment used to manufacture these notes.' A 26-year-old man was arrested at the time. At this stage in the investigation, he faces six charges of obtains by deception. Sergeant Dravitski says further detailed enquiries are ongoing, and further arrests or charges cannot be ruled out. 'Many of our local business associations regularly tell us about their members' frustrations with people making purchases using counterfeit money,' she says. 'We continue to try and get the message out when we experience a round of reports concerning people using fake notes.' Police will continue to hold those manufacturing and using counterfeit bank notes to account. CAN YOU SPOT A FAKE? - The Reserve Bank of New Zealand has clear guidance outlining the security features of New Zealand bank notes on its website(link is external) - Security features are the same on all denominations - If you believe someone is trying to pass you a counterfeit note – do not accept it. - If you have already been given a note – put it in an envelope and contact Police - Report any offending to Police – online, via 105, or at a station – as soon as possible.
