There has been a lot of monetary policy activity the past 24 hours with serious scrutiny paid to the relative hawkishness/dovishness of the major central banks and their respective currencies as well as the implications for general risk trends. However, a remarkable trend that has stood out amid a lot of congestion comes from the New Zealand Dollar.

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The British Pound has snapped back against the US Dollar after this morning’s BoE rate decision and GBP/JPY is still working around some longer-term resistance.

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US equity futures have slumped after recent FOMC dashed expectations of a Fed pivot. With SPX sliding from resistance, stock indices remain under pressure.

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ECB Raised Interest Rates by 50bps in an effort to combat underlying price pressures while downgrading growth forecasts for 2023.

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The Bank of England (BoE) raised borrowing costs by half-a-percentage point today as the central bank seeks to tame double-digit inflation

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