New Zealand Dollar Soars as Adrian Orr Gets RBNZ Top Job

New Zealand Dollar Soars explained by professional Forex trading experts the “New Zealand Dollar Soars” FX trading team.

New Zealand Dollar Soars

The New Zealand Dollar gained Monday following the announcement of Adian Orr as Governor of the Reserve Bank of New Zealand.

Orr currently runs the New Zealand Superannuation Fund and his term at the helm of the RBNZ will begin on March 27, 2018. Jacinda Adern the country’s Prime Minister said that she was appointing Orr with the unanimous approval of the central bank’s leadership.

Grant Spencer has been acting Governor since Graeme Wheeler stepped down at the end of September. Adrian Orr is chiefly known beyond New Zealand for former Prime Minister Bill English’s criticism of his compensation earlier this year.
Questions remain though. The government wants to add some sort of employment mandate to the RBNZ’s inflation-busting remit, a prospect to which the RBNZ has shown some resistance. It is possible that the introduction of such a remit would mean that New Zealand interest rates remain lower than they otherwise would have done, and Mr. Orr’s thoughts on this matter are sure to be eagerly sought.

More broadly the New Zealand Dollar has suffered both from the uncertainties generated by this September’s’s general election. It has also been hit by a broadly strengthening US Dollar and the suspicion that the RBNZ favours a weaker currency.

Still, it seems to have found some support around current levels, at which the downtrend from this year’s highs seems to have broken.

New Zealand Dollar Soars Conclusion

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